The developers behind a massive £360m Belfast regeneration scheme - set to transform a run down part of the city centre - have insisted their plans have not been 'shelved'.

Lack of progress on the Royal Exchange project was thought to be a result of the economic downturn, however, both the developer William Ewart, and government partner the Department of Social Development (DSD), have said it will come to fruition.

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Despite this, neither has committed to a timescale, with preliminary works still ongoing.

Plans to transform the north side of the city centre - a space spanning one square mile between Royal Avenue and Donegall street - were made public several years ago, with completion expected for 2010.

A joint venture between William Ewart Properties and Snoddens Construction, the DSD agreed terms to further the project last February.

Some suggested difficulty in finding an anchor tenant for the 800,000 square foot development has since caused a major set back.

A DSD spokesman this week said: "We are continuing to finalise arrangements in respect of the schemes and will aim to make further announcements in due course."

(PR/BMcC)