Officials began reviewing the tree's status after angry residents confronted workers who had come to cut it down in mid-December, the Belfast Telegraph reported.
Environment Minister Alex Attwood said Sunday a tree protection order means the beech gets at least another six months. He described the tree as a "very fine mature beech."
The Roads Service said the tree's roots may be damaging the street and posing a threat to drivers.
The Woodland Trust local director said there is no evidence the roots are a problem.
"We would be concerned if all urban trees with protruding roots were deemed to be a safety hazard," Patrick Cregg said. "Some of these trees are natural monuments."