The developer behind the scheme, John Wieland Homes, has admitted the $325 million (£160 million) development is now on indefinite hold because of the ‘current volatility in the credit and residential housing markets’.
The 96-flat scheme was intended to sit opposite the High Museum buildings by Renzo Piano and Richard Meier and the practice had hoped to complete in late 2009.
Speaking to the local press, John Wieland, the founder of John Wieland Homes, said: ‘We are sure that it will still be a great building when the credit and housing markets return to a more normal condition.
He added: ‘To press forward right now we feel would not be wise, but when the sky turns blue, we will be ready.'
‘[However] This is a great building in a fabulous location by an internationally recognized and very talented architect’.
A disappointed Billy Prendergast, an associate director at Chipperfield’s, added: ‘John Wieland's commitment to realising this building allows us to look forward to a more favourable market condition and the resumption of the project'.
As well as the ‘luxury’ apartments, the mothballed proposals were to include a restaurant and art gallery.