[8] The involvement of U2 was part of a deal in 2001 when the DDDA had acquired by compulsory purchase the site of U2's previous studio on Hanover Quay.

[citation needed] In October 2002, the DDDA announced an architectural design competition for the tower, initially to be 60 metres tall, which would house apartments and a penthouse recording studio for U2.

[10] It included the president of the Royal Hibernian Academy, the chairman and two other members of the DDDA, Dublin's City Architect, and Adam Clayton of U2.

[10][11] The Sunday Times later speculated that it might have been one by London practice 3W, after a campaign by Irish website archiseek.com led to six unidentified designs being located.

[13] This was in conjunction with the also-cancelled construction of the 120-metre Watchtower in the Point Village complex on the north bank of the Liffey, opposite the U2 tower.

[14][15] Minister for the Environment, Heritage and Local Government Dick Roche approved the DDDA's plans in July 2006.

[4] On 31 October 2008, the Dublin Docklands Development Authority announced that they were cancelling the construction plans due to the economic conditions at the time.

[5] On 25 November 2011, it was announced that U2 Tower land had been handed over to the National Asset Management Agency (NAMA) to settle debts.

[20] Developers Dunloe Ewart (subsequently taken over by Liam Carroll) had secured planning permission in 2000 for a 100-metre building on a site next to that of the U2 tower.

Dublin City Council refused to extend planning permission on Carroll's undeveloped site after it expired.

[14][21] Some residents of Ringsend accused the DDDA of "arrogance", claiming that extra revenue from two towers could fund social housing schemes in nearby areas.

[23] Concerns were expressed about a possible conflict of interest for U2 in the building tender process, when it emerged that the band were joint backers of Geranger.

[18] The building was primarily to consist of one-, two-, and three-bedroom apartments, with commercial premises on the ground and first floors, a two-level basement parking garage, and the penthouse.