The U2 Tower in Dublin has been shelved because of the economic downturn.
The €200 million design by architect Norman Foster was to house the rock band's egg-shaped recording studio at its peak.
Dublin Docklands Authority has confirmed it was suspending the project for a year because of the current uncertainty in the property and financial markets.
DAA insisted it was committed to the 120m high development.
'The objective is to see this landmark project completed', the DAA said in a statement.
With the U2 Tower shelved, Belfast's £90m Aurora building which will stand at 37 storeys will become Ireland's tallest building. The 109-metre Aurora building will house 291 luxury apartments and be situated on Great Victoria Street, at the corner of Ventry Street.