U2 Tower on Hold

WE'RE all painfully aware of how dire the economy is right now, and the bad news is affecting everyone, even mega-rich rock stars like U2.

The band was thick in the planning stages of creating a new so-called U2 tower in the Dublin Docklands area that would have housed their recording studio on top of a 36-story skyscraper. But last week, word came from the developers that the ?200 million project has been put on hold until the recession in Ireland passes.

The Dublin Docklands Development Authority expressed "full confidence" that the project will eventually go ahead, but further planning will not take place for at least another 12 months.

"The Docklands Author-ity 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 authority said in a statement.

"The objective is to see this landmark project completed. However, given the current unfavorable economic environment, more time is needed at this juncture."

The tower is set to be built on the site of U2's existing recording studio on Hanover Quay. It will have a public viewing area, affordable housing units, stores and the studio, designed to resemble a suspended egg-shaped pod.

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