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Guggenheim Scraps $950M Downtown Museum Project

NEW YORK CITY-The world-famous museum has abandoned an ambitious plan to build a 575,000-sf branch in Lower Manhattan. Museum officials blamed the economy for scuttling the Frank Gehry-designed project.

By Glen Thompson | Updated on December 31, 2002

NEW YORK CITY-The quest to bring more cultural attractions to Lower Manhattan suffered a major setback yesterday when the Solomon R. Guggenheim Foundation revealed that it has scuttled plans for a $950-million Downtown branch of the world-famous Guggenheim Museum.

In an email sent to news outlets across the country, the organization blamed the economy for quashing plans for the 575,000-sf Frank Gehry-designed building, stating that current fiscal conditions rendered the project “not realistic at this time.”

The decision is a blow not only to the city’s plans to revitalize and repurpose post-Sept. 11 Lower Manhattan, it Also marks the institution’s second project to go belly up recently; a Las Vegas branch closed earlier this year. There also have been reports of staff and budget cuts throughout the organization.

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