THE cost of Lord Mayor Clover Moore’s signature art project — a massive metal “Cloud Arch” set to tower over Town Hall — has nearly quadrupled in price.

It’s been revealed the controversial project will now cost ratepayers $11.3 million — a massive blow out on the original $3.5 million price tag when Japanese artist Junya Ishigami was commissioned to build the monument.

The fiasco is a huge blow to Ms Moore, who staked her reputation on the art work and wanted it to be a physical legacy of her time in power.

The original design of the Cloud Arch from 2014.Source:Supplied

The Cloud Arch design has also been dramatically altered.

The original wobbly arch has been scrapped in favour of a much more plain version.

Its height has been significantly slashed from about 75m to 58m, with Ms Moore’s City of Sydney blaming major technical constraints.

These issues have been long forecast by critics of the project like Liberal Councillor Christine Forster.

The archway is due to straddle the light rail being built on George St.

Sydney Lord Mayor Clover Moore.Source:AAP

City of Sydney’s new look Cloud Arch.Source:Supplied

It is now not expected to be created until 2019 — a huge delay on the original date.

Ms Moore has also given up on building the plastic “milk crate” sculpture in Belmore Park, which was due to cost ratepayers $2.5 million.

The Daily Telegraph last year revealed the project was almost certain to be scrapped.

Police and politicians raised concerns the crate could become a haven for criminals at night.

City of Sydney last night confirmed the project has been deferred, despite tens of thousand of dollars already having been poured into it.

Ms Moore defended the cost blowouts last night, telling Fairfax the Cloud Arch will “become an icon synonymous with Sydney and help raise our city’s profile on the world stage”.

She claimed the city would recoup the investment “many times over” via “hundreds of thousands of visitors who will visit Sydney to view the artwork”.

But Labor Councillor Linda Scott slammed the massive cost increase.

“The $8 million cost blowout by Lord Mayor Clover Moore for this project is significant and will inevitably mean cuts in residents’ services, less green spaces, fewer affordable housing places and delays in new city infrastructure planned for the future,” she told The Daily Telegraph.

“This has to stop. People and businesses are depending on the city to deliver — not delay.”

Originally published as Lord Mayor’s bizarre $11 million crisis