The site, close to the city's glass-fronted Waterfront Hall, has been hoarded for almost 10 years, and is frequently referred to as an eyesore.
The design of the building, which has been earmarked for office space and art galleries, was the subject of an international competition, launched in the late 1990's.
The competition was independently managed by the Royal Society of Ulster Architects, to ensure it did not clash with any other structures in the area.
Norwegian architects Niels Torp, whose design, the Soloist, eventually won the prize, in 2000.
The mainly glass structured design drew criticism from many in the architectural world, and the project suffered another blow when it was announced Niels Torp would no longer be overseeing the construction. A local firm will now undertake the task.
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The site has remained hoarded since the opening of the Waterfront Hall, which has since became a symbol of political and economic stability in the Province's capital.
Since then the area around Laynon Place has undergone dramatic changes.
The construction of the BT tower and Belfast Hilton, both directly adjacent to the site, has made the Lough side location a popular area for international businesses.
More recently Belfast's Laganside courts, just yards from Lanyon Place, also received a much-needed facelift.
Concerns about the empty site, reserved for the Soloist, continued to increase, until last year when DSD Minister Margaret Ritchie officially kicked-off the construction work.
A spokesman for developers, William Ewart, said: "The site went unused because a lengthy planning application process only came to an end last year. The area was boarded up in 2007 in readiness for the building programme."
The developer said construction is now ahead of schedule, and added: "The Soloist will be Northern Ireland's most prestigious office building at probably Belfast's premier business address."
This is the second Laganside scheme being built by William Ewart, last year the firm started work on a £45m mixed use development, named Lanyon Towers.
It is expected the Towers will include high-spec apartments, office space, bars and car parking.
The towers have been hailed as a key element in regenerating and integrating the riverfront with the city centre.
William Ewart said it believes by investing £100 million into the two Lanyon Place sites, a positive message is being sent during a year gripped by fears over the credit crunch.
(PR)
