VANCOUVER -- A YMCA recreation centre that had been planned for Surrey's City Centre will not proceed because of soaring construction costs, the City of Surrey announced Wednesday.

The City of Surrey and the YMCA had each committed $20 million to the project in 2017. It was supposed to complement a new residential development on Simon Fraser University's Surrey campus.

SFU was also a key partner in the project.

But since the project was first proposed six years ago, the cost to build it has climbed to $75 million, the City of Surrey said in a statement.

The YMCA was in the preliminary stages of developing a capital campaign to raise funds for the project, but will now be in touch with donors and supporters "to thank them for their commitment to the idea of a YMCA in City Centre," said Stephen Butz, president and CEO of the YMCA of Greater Vancouver.