recently reported that U2
’s tower project has been shelved for up to 12 months.
The Irish rockers were set to build a 120-meter tower on Dublin’s docklands as a home for their studio, as well as to house a hotel with retail and residential housing. Due to the property and financial markets in Dublin, the deal is currently on hold. Welcome to the global financial crisis!
The building, which was being worked on by Norman Foster, will hopefully gain traction again once the economy is more stable. Set to be built on the mouth of the River Liffey, the structure would be the tallest building in Ireland. A public viewing platform has been planned at 100 meters, with the U2 studio holding court at the top of the tower in an egg-shaped pod.
Ireland was the first euro zone country to enter recession this year, after construction slowed in the country due to the global financial downturn. "The objective is to see this landmark project completed," the Dublin Docklands Development Authority (DDDA) said in a statement. "However, given the current unfavorable economic environment, more time is needed at this juncture."
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