U2 tower in Dublin shelved because of credit crunch
The Dublin Docklands Development Authority has shelved plans to develop the U2 tower because of difficulties raising development finance.
It said that following discussions with development consortium Geranger, led by developer Ballymore, Irish investor Patrick McKillen and members of rock band U2, ‘we 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’.
Geranger was selected as the provisional preferred bidder to design, construct and finance the U2 Tower and Britain Quay Building in October last year with a Fosters & Partners-designed scheme.
The Dublin Docklands Development Authority said it ‘continues to have full confidence in this landmark project for an inspirational U2 Tower building, which is an important element in the master plan for the area’.
‘The objective is to see this landmark project completed. 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,’ it said.
‘The Authority is confident that these economic uncertainties are short to medium term and that the Docklands will continue to be a vibrant and positive regeneration project for the city of Dublin.’