The Foster designed U2 Tower in Dublin, Ireland has been shelved for 12 months by the Dublin Docklands Development Authority due to the current unfavourable market conditions.
Over the past year, the Dublin Docklands Development Authority and Geranger Ltd, the provisional preferred bidder to design, construct and finance the U2 Tower have been in ongoing discussions regarding the advancement of the U2 Tower as a major project for Dublin Docklands.
However, the Docklands Authority have now decided to suspend negotiations regarding the development for up to twelve months to allow for an improvement in the current uncertainty surrounding the property and financial markets.
"The objective is to see this landmark project completed," said the Docklands Authority in a statement. "However, given the current unfavourable economic environment, more time is needed at this juncture. The Docklands Authority will review all of its options on an on-going basis."
The U2 tower was to be the tallest in Ireland - an apartment building, with a recording studio owned by the rock group U2 in a "pod" at the top.