The Dublin Docklands Development Authority has announced that it has suspended the building of the first skyscraper in the Republic of Ireland also known as the “U2 Tower“.

The top of the skyscraper was set to house U2’s new recording studio.

As of now plans for “The U2 Tower” have been postponed.

The Associated Press is reporting that the Dublin Docklands Development Authority decided to suspend plans for the skyscraper due to Ireland’s property slump and slide into recession.

Developers added that they still plan to build “The U2 Tower” and hope to reopen negotiations with potential developers soon.

The “U2 Tower” was scheduled for completion in 2011.