47 Kennedy Way is currently occupied by a number of commercial businesses including a car wash and vehicle repair garage.

In May 2000, Mr J Greenan submitted a planning application (Z/2000/1324/F) proposing the development of a car showroom, 36 apartments and associated car parking. This application was approved in April 2001.

In April 2006, Mr J Greenan submitted a planning application (Z/2006/0825/F) seeking the renewal of planning permission (Z/2000/1324), proposing the development of a car showroom, 36 apartments and associated car parking. This application was approved in September 2009.

In October 2023, AG PropertiesNI Limited submitted a planning application (LA04/2023/4281/O) proposing the erection of a 5 storey building comprising of ground floor retail unit, 36 residential apartments and associated car parking. This application was refused in July 2024. The application was refused due to the following reason: "The proposal is contrary to Policies HOU2 and RD1 of the Belfast Local Development Plan: Plan Strategy 2035 and paragraphs 6.135 to 6.137 of the Strategic Planning Policy Statement for Northern Ireland in that the proposed site would not be considered suitable for housing as residential development in this location will create a conflict with adjacent land uses resulting in a substandard residential environment."