The £75 million project, located on Donegall Quay, will become the newest focal point on the banks of the River Lagan.
The developer behind the tower, Karl Properties, has named the 28-storey build Obel.
It is expected to stand 88.31 metre high when completed, in two years time.
With her hands firmly on the foundation stone, Social Development Minister Ritchie said the new building "will undoubtedly become an iconic landmark for Belfast".
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Karl Properties does not expect the building process to be without its challenges.
Company Director Aran Blackbourne said: "Having successfully overcome the challenges of working in Belfast's difficult ground conditions beside the river and completed the foundation piling and two levels of basement car parking, we are now delighted to have appointed construction company O'Hare and McGovern to enable us to move to the next phase of construction above ground level."
The finished product will encompass city living space, almost 300 parking spaces, as well as office and retail units. There are also hints that a 105-bed hotel may emerge on the site.
Belfast also looks set to benefit from around 160 new jobs during the two-year build.
The scheme is solely backed by Karl Properties, after the firm purchased total shareholding control of Donegall Quay Limited.
The Bank of Scotland is supplying finance for the development.
(PR/JM)
