Construction of a Frank Gehry tower in lower Manhattan has been put on hold pending an evaluation of costs, Crain's reports.

Half of the Beekman Tower's intended 76 floors have been constructed so far. Developer Forest City Ratner Cos. has indicated that work will proceed on the lower stories, but that for the time being no additional floors will be built.

Located at 8 Spruce Street between William and Nassau Streets and intended as a luxury rental building, the structure is to contain in its lower levels a public elementary school, retail space, and an ambulatory care center for the neighboring New York Downtown Hospital. The tower was also to have approximately 900 apartments, which were expected to be finished next year.

“Given the current economy, we are conducting a study to assess costs, risks, and overall timing,” said a Ratner spokesperson.

The spokesperson said that the school is still scheduled to open in time for the beginning of the 2010–11 academic year, and the hospital has reportedly been assured that its space will be delivered early next yea as planned.

Construction of the Beekman tower began in 2006. In 2008, Forest City Ratner Cos. closed a deal for $680 million in financing for the project. At the time, it was seen as one of the few construction projects in the city to buck the overall real estate slowdown.

The building would have been Gehry’s first major residential structure in New York.