October 31, 2008 / 6:00 PM / in 9 years

U2 Tower shelved as credit crisis spooks

DUBLIN (Reuters) - A dramatic 120-metre tower planned for Dublin’s docklands to house U2’s rock studio has become the latest Irish casualty of the global financial crisis.

<p>U2 lead singer Bono gestures during a news conference at the Media Centre in Kuehlungsborn near the G8 venue in Heligendamm in this file photo from June 8, 2007. REUTERS/Morris Mac Matzen</p>

The Dublin Docklands Development Authority (DDDA) said on Friday it had suspended negotiations over the tower for up to 12 months due to uncertainty in the property and financial markets.

A consortium including architect Norman Foster and the U2 band was selected a year ago to build the tower at the mouth of Dublin’s River Liffey, with a U2 recording studio to be suspended at the top in an egg-shaped pod.

The development -- which would have been Ireland’s tallest building -- was also meant to include a public viewing platform at 100 metres, a hotel, retail and residential accommodation.

“The objective is to see this landmark project completed,” the DDDA said in a statement. “However, given the current unfavourable economic environment, more time is needed at this juncture.”

After a decade-long property boom when prices quadrupled, a sharp construction downturn at time of global financial meltdown made Ireland the first euro zone country to enter recession this year.

Reporting by Andras Gergely; Editing by Louise Ireland

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