 It was to be built on the site of the former Strathclyde Regional Council Headquarters.In July 2008 The developers Elphinstone announced that the building had been cancelled due to the difficulties arising from the Subprime mortgage crisis, with one of the main financial backers of the project being the failed Lehman Brothers.Although ground work had been completed for the tower it was indicated by the developer that a "fall-back project is not in place" for the site.