Castlebrooke Investments received planning permission for the office-led Tribeca scheme in January 2020.
Earlier this year, the chief executive of Belfast City Council said there had been “beyond a certain level of frustration in relation to the activity on the Tribeca site”.
The council also confirmed it was exploring the possibility of vesting or compulsory purchase of the scheme.
SDLP assembly leader Matthew O’Toole said: “If the site is vested, we could deploy unspent FTC to deliver a new future for the site, with the Laganside Corporation offering some kind of precedent for how the structure might work.