The centre, which is being developed at Forthriver Business Park off the Springfield Road, is expected to be complete in May this year.
The new Innovation Factory will provide annual support services to over 100 businesses and entrepreneurs, with 382 workstations across 111 business units.
An operator is expected to be appointed to run the 55,000 sq ft centre which will support up to 400 jobs.
Once appointed, the operator will undertake the marketing of the Innovation Factory to prospective businesses, with the first tenants expected to take up residence by the autumn.
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The project is part-funded by Invest Northern Ireland and the European Regional Development Fund, under the European Sustainable Competitiveness Programme for Northern Ireland.
Belfast City Council is providing the remaining funding as part of its Investment Programme for the city.
"This is a pivotal development for local communities, as well as the wider city, so I'm pleased to see that the site's key role in Belfast's history is being remembered in our exciting plans for its future," said the Lord Mayor of Belfast, Councillor Arder Carson.
"Now that building work is really gathering pace, so too is work behind the scenes to make sure the Innovation Factory is successful in attracting the best up and coming talent, and fostering a real spirit of collaboration amongst the next generation of business brains."
(CD)
