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June 1, 2008

U2 tower is ‘stuck in a moment’

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There are growing doubts over the future of the landmark U2 tower in Dublin’s docklands as the fallout from economic downturn continues to take its toll on the property market. Informed construction industry sources believe the erection of the Liffeyside high-rise building will at the very least be delayed, or even abandoned as the economic feasibility of the PPP (Public Private Partnership) project diminishes. Speaking to the Sunday Independent, one highly-placed source said: “The final contracts haven’t been signed between the developer (Ballymore Homes) and the DDDA (Dublin Docklands Development Authority). Given the way things are going in the industry, don’t expect anything to happen soon.” While media reports on May 7 had suggested that a signed agreement between the DDDA and Geranger — a consortium consisting of Sean Mulryan’s Ballymore Homes, developer Paddy McKillen and U2 members — was imminent; last Friday little progress appeared to have been made.

The Irish Independent