The scheme, located on the bank of the River Lagan, is being developed by Graham.
Expected to offer 39 offices and 260 parking spaces, Ravenhill Reach Office Park will also boast views of Ormeau Park.
According to Graham, the scheme will provide affordable units for small and medium-sized enterprises.
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The firm has predicted completion will coincide with local economic recovery.
Company director Glenn Fulton told the Belfast Telegraph: "Given its proximity to the city centre and infrastructure links, it will be attractive to a range of purchasers and tenants looking for affordable office accommodation.
"Indeed we have been very encouraged by the support given to the scheme from local politicians, businesses and residents who recognise the benefits that will flow from the scheme."
Selling agents Myles Danker said it has been buoyed by the interest in the scheme, due for completion in late 2010 to early 2011.
(PR/KMcA)
