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Ireland’s economy not roaring back

It sounded like a bizarre rocker’s fantasy: Singer Bono and the rest of U2, recording their songs in an oval-shaped pod suspended at the very top of a 393-foot glass tower overlooking Dublin.

Until this fall, that fanciful project was on its way to becoming reality, a symbol of Ireland’s economic success.

Planners envisioned a landmark — known, of course, as the U2 Tower — to be twice as high as any other building now in the Irish capital. The skyscraper was to house U2’s recording studios and 180 apartments selling for more than $1 million each.

And then, reality intervened. The $252 million project is on hold for at least a year, a victim of Ireland’s economic recession.

The Dublin Docklands Development Authority, which is in charge of the public-private partnership to build the tower, shelved its plans on Halloween, saying the "current unfavorable economic environment" made it impossible to move ahead.

By Jeffrey Stinson, USA TODAY

Full Story: http://www.usatoday.com/news/world/2008-11-19-ireland_N.htm

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