Plans have been submitted for the £90m Aurora building which will stand 37 storeys high on Great Victoria Street, at the corner of Ventry Street.

But the £90m development will still fall 21 metres short of the tower the Irish rock supergroup is planning for Dublin. U2 Tower's shoulder parapet will be 100 metres above street level. However it will be crowned with U2's recording studio to give it a total height of 130 metres.

The 109-metre Aurora building will house 291 luxury apartments, a residents' gym, 24-hour concierge, valet parking and 7,000sq ft of prime commercial space including an exclusive restaurant.

The ambitious new development will also create 300 jobs during its two-year construction.

And if the plans are approved, the first apartments could be for sale 18 months from now, with the development complete by 2010.

Designed by internationally acclaimed HKR Architects, a key aspect of Aurora will be its energy efficient design features and a specially-commissioned roof-top light feature which simulates the northern lights at night.

Developer McAlister Holdings hopes the sky will be the limit, with Aurora becoming an iconic city landmark.

Mervyn McAlister, managing director of McAlister Holdings, 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."

And the developers foresee the apartments being snapped up by the province's high-fliers who want to be within walking distance of the places they work and play in.

There are 146 car parking spaces available (50% of the requirement), but the developers say it is all part of the concept to get people out of the car.

And if it is the high life for you, the top two floors have been left just in case a well-heeled buyer wants to have the entire floor for a possible penthouse - with some of the best views in Belfast.

No prices have been set yet for an apartment, but with one bedroom apartments in the city centre currently selling from £175,000, prospective owners will probably have to pay a premium.

Simon Brien, from the Eric Cairns Partnership who will handle the apartment sales, described Aurora as one of Northern Ireland's most "exciting and inspirational" developments.

He added: "The market for high quality residential accommodation in the city centre is very strong and Aurora will certainly attract huge levels of interest."

Dave Pennick, president of Belfast Chamber of Trade and Commerce praised the plan, adding the developers have chosen a good location. He said: " Belfast has come an awful long way in a very short time.

" Aurora is a very brave statement and it is up to the planners and what their vision is for Belfast."

And he urged them to take a " leap of faith".

After meeting the developers, the DUP's East Antrim MP Sammy Wilson said the Aurora building would be a major and prestigious development for the city.

"This planned development, along with others, will be an impressive landmark building in the city and represents an air of confidence about the economic future for Belfast in particular, and Northern Ireland in general," he said.

"Obviously there will be local concerns which developers will need to address, but I am pleased that during my discussions this morning the representative from the developers seemed more than willing to meet with local people and officers of Belfast City Council to address their issues and listen to their views.

"Hopefully the application will be given a fair wind by the planning system and building will be able to commence quickly.

"If the target set in the Regional Development Strategy of building 60% of new houses in the urban footprint is to be met then developments of this nature have to be achieved and approved."

The Aurora building and U2 Towers are a long way off topping Taipei 101 in Taiwan which has 101 storeys and stands at 508 metres.

Petronas Towers 1 and 2 in Kuala Lumpur, Malaysia, form the world's second tallest building with 88 storeys at 452 metres high.

Sears Tower in Chicago is the fourth tallest building with 110 storeys at 442 metres high and Jin Mao Building in Shanghai is fifth with 88 storeys at 421 metres.

New York's Empire State Building ranks ninth with 102 storeys at 381 metres and the Trump Building on Fifth Avenue stands 283 metres high.