The news comes ahead of the University’s relocating of its facilities to a new Belfast campus by 2018.
The University of Ulster says it intends to retain about 70 acres of the 170-acre site at Jordanstown and will sell off the remainder.
The fire-safety science institute will stay at Jordanstown.
It is thought £6.2m will be spent by the University on enhancing sports facilities at Jordanstown.
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A new sports hall is to be built adjacent to the present high-performance centre, which is used for golf, cricket, rugby, GAA and football. It will also include teaching and learning and research facilities.
The University says the main building and car park will probably be replaced by an urban residential development which would incorporate mixed-use community facilities.
University vice-chancellor Professor Richard Barnett said: "The university has been a part of the Jordanstown landscape for 40 years and will continue to be an important part of the landscape in years to come."
A public consultation began on Wednesday to discuss the plans
It is thought phase one of the Belfast scheme will receive planning permission in 2013, while some of the Jordanstown departments will relocate to the city from 2015.
The transfer process will hopefully be completed by 2018, according to the University, after which time the main building will be demolished and the land sold to developers.
(IT/GK)
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