The Council blocked the proposal, which would have seen 600 new homes on the former University of Ulster site in Jordanstown, at a meeting on Monday (August 17) after a recommendation by planners.
Mr Dickson said he was delighted the Council had made the “right decision”.
“The development would have overwhelmed the local community, putting extreme pressure on local infrastructure and services, while causing irreparable damage to the Jordanstown area.
“This is a victory for common sense. It is now time for the University to go back to the drawing board and consult with the local community to produce a sustainable, positive and well-designed housing development of a much lower density.”
Councillor Campbell added that he had been dismayed by the actions of the applicants.
“The University did not help its own case – after having failed to consult the local community and ignoring its representatives, it has behaved like a bull in a china shop. The University now needs to talk to people and scale back the size and density of its plans.”