THE much-hyped U2 Tower has been binned by Dublin City Council.
The plan for Dublin's Docklands was conceived during the boom, but the local authority admits there is no "realistic opportunity" of developing it.
In 2007, the Geranger Ltd consortium – which included developer Patrick McKillen and Bono, the Edge, Adam Clayton and Larry Mullen – beat four other tenders.
The tower was to be the tallest building in the country.
The design included an egg-shaped recording studio, suspended from a 600ft luxury apartment block.
The pod studio was to dangle beneath a battery of wind turbines and a huge solar panel.
The proposals have been on hold since the crash five years ago.
And Dublin city planner Dick Gleeson has now told councillors they are unlikely to go ahead.
He was commenting on new plans for development within the Docklands.
The council believes up to 30,000 jobs and thousands of new homes could be created there in the coming years.
Despite years of intensive construction in the vicinity, much of the land remains undeveloped.
In the heady days of the boom, the Dublin Docklands Development Authority (DDDA) gave the go-ahead to the U2 Tower on Britain Quay in Dublin 2.
But Mr Gleeson told councillors: "We're saying there isn't a realistic opportunity of developing the U2 Tower ... at this stage."
However, the council, which was appointed lead agency by Environment Minister Phil Hogan to help restart construction projects in the Docklands, believes there is room for a skyscraper.
Mr Gleeson said: "We're suggesting there still is an opportunity to provide some landmark height, but that could be up to the height of Liberty Hall, say 60 metres."
The areas to be targeted in the latest development plans are the North Lotts and Grand Canal Dock on either side of the Liffey.