The 109m-tall Aurora skyscraper in Great Victoria Street, Belfast would trump the height of a proposed 104m-high tower at Bedford Square in the city's Franklin Street.
The 37-storey HKR scheme will house 291 luxury apartments, a gym, office space and a restaurant.
Developer boss Mervyn McAlister said: 'Aurora will set a new benchmark for residential and commercial development in the city centre.
'It will be recognised as the most exciting and innovative scheme of its type ever built in Northern Ireland.
'Its construction when seen alongside schemes such as Victoria Square, Bedford Square and the Obel Building reflects the growing confidence of Belfast moving forward into the future,' he added.