The Beetham Organisation is on a race against time to try and rescue their approved but stalled skyscraper at 1 Blackfriars Road that overlooks London's South Bank.
The Ian Simpson designed scheme proved controversial enough to spend years working through the planning system before it finally won approval in 2009 after the bottom had fallen out of the financial markets.
The 163 metre tall tower was being worked on as a joint venture with Russian firm Mirax, however they had their assets frozen in August 2009 following their inability to honour financial commitments. Things then got worse as the administrators appointed by the RBS Group moved in on the site and took control of it, something Beetham is now trying to resolve.
Although they paid £48 million for the site in 2004, this will require new financing for the skyscraper, which if built, would have 96 luxury flats plus a 261-room hotel.
On the plus side, and adding to the commercial appeal of the scheme, the hotel did have a letting agreement with luxury brand Jumeirah to occupy it in time for the 2012 Olympics although with this date having slipped it remains unknown as to whether or not the hotel still has this pre-let.
Construction company Mace is understood to be waiting in the wings as the shoe-in for the main contract to build the tower, although this will only be finalised if, or when, Beetham and RBS can come to terms.
Despite a recession, the site remains valuable, and the experience of other such luxury residential projects that are dotted around the City of London such as the Heron show that although there may be a downturn, there is still a very active market for an apartment in the latest, greatest condo.