The masterplan, co-ordinated by Turley Associates for the Carvill Group, aims to create 2,000 homes and 2,300 jobs over ten years.
The proposal includes shops, offices, a hotel, nursery and leisure facilities. A pedestrian bridge will reconnect the former engineering works on the River Lagan with the city centre.
Turley's Belfast office director Diana Fitzsimons maintained that the scheme will be highly sustainable. "The aim is for minimal car use given the site's proximity to the city centre, public transport availability and provision of a car club," she said.
The masterplan has been submitted to the Department of the Environment and the first applications will be lodged early next year.