Credit crunch hits plans for U2 tower in Dublin
Plans called for a U2 recording studio inside a suspended egg-shaped pod at the top of the tower designed by British architect Norman Foster. Modern Moguls
By Agencies |
DUBLIN: The credit crunch has forced the postponement of plans involving rock band U2 for a 200 million euro (255 million dollar) skyscraper in Dublin's docklands, officials said Friday.
The group is part of a consortium behind the 120-metre (394-feet) tower beside the River Liffey which, if completed, will be the biggest building in Ireland.
Plans called for a U2 recording studio inside a suspended egg-shaped pod at the top of the tower designed by British architect Norman Foster.
August Partners, a firm involving U2 members Bono, The Edge, Adam Clayton, Larry Mullen and manager Paul McGuinness, joined the venture after the band was thrown out of their docklands studios six years ago.
Ireland has been hammered by a series of economic blows brought on by the global financial crisis, including collapsing property prices.
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The Dublin Docklands Authority said it had suspended negotiations on the development for up to 12 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,~ it said. "However, given the current unfavourable economic environment, more time is needed at this juncture."
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