Guggenheim scraps plans for Lower Manhattan site
Plans for another Guggenheim museum in New York have been scrapped because of financial constraints.
Described as cloudlike, by its designer Frank Gehry, the proposed 40- to 45-storey structure overlooking the East River in Lower Manhattan would have cost in the region of $950m (£600m).
The Guggenheim Foundation, the city and the state's Economic Development Corporation pulled out of the project saying the current state of the economy made the scheme unrealistic.
Financial problems have also forced the Guggenheim Foundation to close its art gallery in Las Vegas, just 15 months after its opened.
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