Plans to build Ireland’s first skyscraper – which boasts the name of the country’s biggest band, U2 – have been suspended due to the credit crunch.

The Docklands Development Authority said Dublin’s falling property market and the wider fear of a global recession was behind the decision.

Negotiations with potential developers are expected to re-open within 12 months. “The objective is to see this landmark project completed," a statement said.

The project’s six year journey has been one of architectural and environmental battles.

The current design, by British architect Norman Foster, would have cost $230million and featured a recording studio for U2 at its summit.

The project also hoped to attract investors with 180 luxury apartments offering views over the south of the city.

But their $1.3million price tag would do well to attract buyers in today’s current fiscal climate.

U2’s members, including frontman Bono, would have all had a stake in the project because they are part of the development consortium awarded the building contract.

(by Jason Gregory)