The 32-storey City Lofts tower, on Arundel Gate between the Novotel Hotel and the 'cheese-grater' multi-storey car park, is in danger of being left unfinished unless bosses behind the troubled project can come up with millions from the banks.

Councillors were told they needed to agree to allow developers to fit heavily-criticised revised panels to the building to allow the project to stay on track - or risk falling victim to the global financial crisis.

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The original plans agreed for the development - set to become South Yorkshire's tallest building - were of a sleek, glass tower.

But panels fitted over the past few weeks bear little resemblance to the original finish of the building approved two years ago.

Appalled councillors rejected the new look, saying it looked "cheap and tatty" and "like caravan panels" while one said it made it look not like an iconic building but "a con building".

Developers Conran & Partners insist the changes are not cost-cutting measures but are because of engineering problems with delivering the original plan. Les Sturch, Sheffield Council's head of planning, told the city centre planning board he agreed there had been a "diminishing of quality" because of the changes.

But he urged councillors to approve the revised designs - otherwise the project might not get finished at all.

He said: "I think the whole viability of the project is under question. Developers are under severe pressure at the moment because of the circumstances of the housing crisis. Demand for city centre apartments is drying up and the banking centre is in crisis.

"They still have to find 10 per cent to complete the project. The proposed changes will mean the building will cost £1 million extra.

"If there is not agreement on the changes my belief is that the project will stop and that will be hugely problematic for the city and its reputation."

He warned: "I cannot guarantee that the scheme will go ahead, even if approval is given. But if you don't agree to it there is a good probability that it will stop."

The meeting heard the project is costing £400,000 a week and is already 20 weeks behind schedule.

Conran & Partners say because of this they took a "calculated risk" in starting the fitting of the revised cladding panels before they had been agreed by councillors. But councillors threw out developers' demands and were absolutely scathing in their denunciation of the new plans.

Coun John Hesketh said: "I think we are in danger of giving consent to a very large eyesore that will dominate the city centre for generations to come."

Coun Peter Price added: "It just looks cheap and tatty. It is critical that we get this right. It would be better to have it unfinished for a few years than build something that we will regret for a long time."

They voted to defer a decision "minded to refuse" if the same thing came back and told the developers to improve the designs and come back soon.

Grim-faced developers behind the project refused to comment following the meeting. They now have just days to try to come up with revised proposals.

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