Seymour Sweeney, owner of Seaport Developments, had initiated High Court challenges to the Draft Northern Area Plan (DNAP).
Mr Sweeney has now withdrawn from the two judicial reviews.
NI Environment Minister Edwin Poots has welcomes the news, saying the way is now clear for the Draft Northern Area Plan to proceed.
"It is good news for the future planning of the Northern Plan area," said Mr Poots.
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"It will now enable the plan to proceed towards independent examination and adoption, thereby lifting the uncertainty surrounding the planning and development framework for the council areas of Ballymoney, Coleraine, Limavady and Moyle."
The Minster said that he hoped that DNAP could be adopted as quickly as possible to provide a sound framework for commercial development and investment decisions to boost local employment and the economy of the area.
However, the DNAP faces further hurdles before it can come into force, with the Planning Appeals Commission set to hold an independent examination of objections received to the plan.
Some of the issues raised in the legal actions have been referred to the European Court of Justice (ECJ).
The Department of Environment will continue to be represented in further hearings before ECJ, saying this is "in order to clarify a number of matters of European law and their implications for wider Departmental responsibilities".
(NS/BMcC)
