Alamo Drafthouse has scrapped plans for a theater on New York’s Upper West Side, the Austin-based company said Tuesday.

Founder Tim League had announced last year that Alamo Drafthouse would take over the shuttered Metro Theater following extensive renovations, but he now says the project is "no longer financially viable" due primarily to increases in construction costs.

"We would love to make the Upper West Side location our next neighborhood theater in New York, but we cannot see this particular location as sustainable under current conditions," League wrote in a blog posted on the Alamo Drafthouse website.

Several other new theaters will still open as planned, League said, including ones in New Braunfels; Kalamazoo, Mich.; and San Francisco.