Replacing Seattle's Magnolia Bridge won't be a cheap endeavor, according to the city's department of transportation.

Cost estimates to replace the 90-year-old Magnolia Bridge in Seattle "far exceed" available transportation department funds.

After studying several options, the city reports cost estimates range from $190 million to $420 million.

"We’ll continue to work with the community and elected officials to be creative in examining funding opportunities for the Magnolia Bridge and will also be launching a study of the Ballard-Interbay Regional Transportation System pending state-funding," a statement from the Seattle Department of Transportation says.

The existing bridge currently connects the Magnolia neighborhood, Smith Cove Park and Elliott Bay Marina, Terminal 91, and 15th Avenue. It serves an average of 17,000 vehicles per day and three King County Metro bus lines.

An option to replace the bridge was proposed in 2006. Three other options were proposed during the recent Magnolia Bridge Planning Study.

An option identified as "Alternative 1" is currently ranked the highest out of the four. That option, which would cost between $200 million to $250 million, would create a new access point to Magnolia by building a bridge between 15th Avenue West along Armory and, connecting to Thorndyke Avenue West at Halladay Street, according to city documents. The existing bridge would be decommissioned.

Meanwhile, ongoing maintenance and inspections of the bridge continue as the city works with the community and officials to "be creative in examining funding opportunities..."