The Dublin Docklands Development Authority (DDDA) has claimed it is ‘still committed’ to realising the high-profile project, but that any move forward for the project is unlikely for at least the next 12 months.
In a statement, the DDDA said: ‘The objective is to see this landmark project completed. However, given the current unfavourable economic environment, more time is needed at this juncture.'
The authority added it was confident that the ‘economic uncertainties were short- to medium-term’.
The decision comes after six years and three design competitions, the last of which saw Norman Foster pip Rafael Vinoly to claim the 250 million euro (£198 million) scheme two years ago.
Funding for Foster’s tower – which includes a recording studio for U2 at the top of the building – was highly speculative, predicting the sale of all 180 apartments at more than one million euros each.
Such figures seem particularly far-fetched in Dublin’s market today, as Ireland stares at its first recession for more than 20 years.