Credit crunch hits plans for U2 tower in DublinThe credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. has forced the postponement of plans involving rock band U2 for a 200 million euro (255 million dollar) skyscraper skyscraper, modern building of great height, constructed on a steel skeleton. The form originated in the United States. Development of the Form Many mechanical and structural developments in the last quarter of the 19th cent. 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 Liffey redirects here. For the Australian town see Liffey, Tasmania. The Liffey (An Life in Irish) is a river in the Republic of Ireland, which flows through the centre of Dublin. Its major tributaries include the River Dodder, the River Poddle and the River Camac. 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 For the guitarist and singer, see . Paul McGuinness is the main shareholder and founder of Principle Management Limited: an artist management company based in Dublin, Ireland, which has managed U2 from the start of their successful career. , 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. The Dublin Docklands Dublin Docklands (Irish: Ceantar Dugaí Átha Cliath) is the area of the city of Dublin, Ireland, on both sides of the River Liffey, roughly from Matt Talbot Bridge eastwards to the Point Depot. It is currently undergoing a large amount of development. 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." 
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion