Churchill House could be luxury hotel

After their meeting the executive released a statement saying a number of issues require further consideration - including the future of some city centre road schemes.

But these are not expected to prevent Friday's announcement going ahead.

It is believed Mr Dodds prefers the plan put forward by Dutch firm MDC for the Victoria Square - Chichester Street area.

Also in serious contention is a proposal by Laganside developer Dunloe Ewart for the area from North Street to Donegall Street.

The last major development in Belfast city centre was the Castlecourt shopping centre which opened more than 10 years ago. Demand for shop space remains high.

The government has made it clear that it is keen to see the development in other areas such as residential accommodation and leisure facilities to encourage more people to live and socialise in the city centre.

Proposals include health clubs

Earlier this year four consortia each gave a one hour presentation to then social development minister under direct rule, George Howarth.

These included the MDC and Dunloe Ewart proposals and two further plans which included CastleCourt Phase 2 incorporating the Millfield to North Street area; and Collegegate, centred on Fountain Street and College Street.

The MDC plan involves relocating the Industrial Development Board allowing IDB House to become a department store and BT's Churchill House office complex a hotel.

It also proposes a series of smaller retail outlets with 30 luxury apartments and a 20,000 sq ft health club. This plan would take longer to get off the ground.

Nigel Dodds did not attend executive briefing on plans

The Dunloe Ewart proposal incorporates 275,000 of retail space and includes a department store, hotel, health club, gallery and museum.

The firm has already acquired 90% of the properties it needs and insists its scheme could be up and running by next year.

It is not yet clear if the DUP's policy of rotating the people in its two executive posts over their opposition to Sinn Fein sharing power will have political repercussions on Mr Dodds' final decision.

In theory, all four could be given the go ahead but it is expected that only one will be given an immediate decision.

If the MDC proposal gets the green light, Dunloe Ewart is expected to apply to planners to have its project also approved.