The application was given the green light at the committee’s June meeting.
International architects Henning Larsen designed the masterplan, which aims to re-engage the city with the River Lagan and reimagine the site as a new connecting point in the city.
The project will develop office space for around 8,000 jobs, approximately 675 residential apartments, a hotel and serviced apartments space.
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“We appreciate the effort that went into considering this application from the elected members as well as from the planning department, [which] recommended it for approval,” said Chris Kane, chairman at Osborne+Co.
Jim Osborne, founding director at Osborne+Co, added: “I wish to send a personal message to the people of Belfast, their elected representatives and their city officials.
“Thank you for your support but, more importantly, for your confidence in us to deliver on the promises that we have made to you and to the city of Belfast regarding our development at The Waterside.”
Conor Osborne, founding director at Osborne+Co, described the scale and potential benefits of the project as “huge”, and claimed that it could enhance the city’s status as a “world-class location”.