Russian firm the Mirax Group has spent £60 million on a 50 per cent stake in the proposed 52-storey Beetham Tower planned for the northern end of Blackfriars Road.
But Moscow-based Mirax seems confident that work will be able to start on the tower in 2009.
The Mirax-Beetham Tower, as it will apparently now be known, is intended to include a luxury hotel as well as apartments and a publicly accessible skydeck at the very top of the tower.
Some question the suitability of Blackfriars Road for tall buildings. The City of Westminster and the Royal Park Agency complain that the tower will spoil views from St James's Park and Waterloo Bridge.