Economy Sinks Plans for New Guggenheim

From Times Wire Reports

A plan to build another Guggenheim Museum in New York City has been scrapped because of economic constraints, the foundation in charge of the museum announced.

The Solomon R. Guggenheim Foundation said that it, the city and the state’s Economic Development Corp. had pulled out of the $950-million project because the economy made it “not realistic at this time.”

Plans unveiled in April 2000 called for a 40- to 45-story structure on three piers, designed by Frank Gehry, overlooking the East River in Lower Manhattan.