One of the losing entries in the U2 tower design competition may actually be built – but on the north side of the Liffey. Treasury Holdings, the property development company owned by Johnny Ronan and Richard Barrett, has resuscitated its Zaha Hadid-designed scheme and is planning to develop it on a site on North Wall Quay next to the O2 concert venue.

"Further development of world-class iconic buildings in Dublin's docklands is essential for the regeneration of the city, especially along the capital's waterfront. We need exciting buildings that reflect the future of Dublin and the vibrancy of the docklands if we are to compete with other great cities around the world," a spokeswoman for Treasury said.

"We are presently working with the internationally renowned Pritzker-prizewinning architect Zaha Hadid on an iconic tower for the north docklands which would provide an exciting riverside entry into Dublin city.

"We would hope to present our proposal for planning by the end of the year and are working to complete our designs and the detail of the development. The iconic tower would include modern retail space and waterfront restaurants, enhancing the existing developments in the city's docklands."

The building will measure 50,000 square metres when completed.

Treasury Holdings is the largest developer in Ireland and is involved in projects in China, Russia, Sweden and Britain as well as having numerous Irish interests including Spencer Dock, the Westin Hotel, the Ritz Carlton and the Ballymun Town Centre.

A Norman Foster-designed tower was chosen as the winning design for the U2 tower, but that project has been put on hold.