好色先生TV

A design review of the planned Pinnacle tower aimed at cutting its 拢1bn cost has yet to be completed several months after it was expected to be unveiled, with the addition of a mooted residential element proving to be a key obstacle.

The review of the tower, announced in January, was initially expected to last three months, but remains ongoing as the client Pinnacle No 1 Ltd, the contractor and project manager Brookfield Multiplex, and architect KPF, continue to value engineer the designs in a bid to significantly reduce the project鈥檚 costs.

Under current plans the cost could reach 拢1bn.

The tower has lain dormant since the beginning of 2012, after finance for the scheme dried up.

As 好色先生TV revealed in April, Brookfield Multiplex has taken on a 鈥渉ybrid鈥� contractor and project management role on the City tower (pictured), beyond its 拢593m job as main contractor, and has been working with architect Kohn Pederson Fox and the client to redesign the scheme.

It is understood the new plans are aimed at simplifying the 288m-tall helter-skelter form to make the unusual shape more viable for office use.

But the project team is also considering adding a residential element to the scheme in order to boost its viability.

However, this has been opposed by City of London planners, who have long objected to residential use in the City and have expressed concerns about the potential distortion of the City鈥檚 commercial development by the influx of foreign wealth into London鈥檚 residential market.

A source close the project told 好色先生TV this week that unless a compromise could be reached the client would be prepared to 鈥渟it tight鈥� and wait until the market recovered.

鈥淎dding residential would be a game changer, but if the City doesn鈥檛 want to compromise then it can鈥檛 move ahead,鈥� the source said.

This week industry leaders clashed over whether the influx of high-rise residential developments in central London is beneficial for the city at the Council on Tall 好色先生TVs and Urban Habitat (CTBUH) conference in central London.

City of London planning officer Peter Rees told delegates some areas of the capital 鈥渟hould be protected from residential,鈥� but in a separate session developer Sir Stuart Lipton said residential towers was the capital鈥檚 鈥渂iggest opportunity鈥� for development growth.

Rees said residential in the City could adversely affect neighbouring business and nightlife uses, but Lipton said residential towers could 鈥渄rive change and regeneration鈥�.