David McClarty welcomed Employment Minister Sir Reg Empey's £16m Government commitment to the projects at the University of Ulster's former art college.
"As our party leader Sir Reg Empey said, this planned major development by the University of Ulster in York Street will be the biggest development the city centre has seen since the iconic Victoria Square," said Mr McClarty.
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"The development will bring many benefits beyond the university and will be a welcome boost for our currently beleaguered construction industry.
"I believe that the expansion of the university in this particular quarter, demonstrates the University's commitment to make a major contribution to the economic, social and cultural vitality of the city."
The University of Ulster unveiled its plans for a major expansion of its Belfast campus last year which would mean the relocation of many courses from Jordanstown to Belfast.
The increased student numbers in the area will benefit Belfast economically and the expanded campus will play a role in the cultural life of the city, given its proximity to the Cathedral Quarter.
The overall development cost is in the region of £250m and the construction of the new campus in north Belfast should be complete by 2018.
(PR/BMCC)
