Carál Ní Chuilín said there has been "huge concern" about the development from the local community and businesses.
She is calling on Lords Morrow MLA to arrange a meeting to seek clarity on how the decision was reached.
She said: "This announcement will come as a relief to many but the lack of clarity of how the needs of this area will now be addressed poses serious questions.
"I've written to the Minister demanding an urgent meeting to seek clarity on how this decision was reached and how the regeneration that has been needed for some time will be brought forward.
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"Change is coming and that change needs managed in full consultation with all involved in ensuring the best interests of this area and the city of Belfast.
"We must ensure that the need for social housing in Carrick Hill and the New Lodge isn't a secondary consideration and that regeneration serves the interests of communities and doesn't leave them behind."
Alliance North Belfast Councillor Nuala McAllister has expressed concern over the decision and has been in contact with officials to ensure the Northside area would not be left on the sidelines.
She said: "We must now work to find out what went on here and learn from the mistakes. This also raises an opportunity to ensure any future plans for Northside include the built heritage of our area - something that should not be missing from regeneration. This is not simply a matter for the Executive but also Belfast City Council, who will continue to work to ensure city centre regeneration commitments are met.
"Northside has been in dire need of a massive amount of regeneration for a long time. This was an opportunity to truly transform things and while it is incredibly disappointing it won't be happening, we need to move forward in a more realistic way to deliver for North Belfast."
(CD/LM)
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