City of New York Invests in Theatre Construction Project

The city of New York partnered with the Signature Theatre Company and Related Companies to build a Frank Gehry-designed theater at Related’s new residential building and hotel (where CEO Stephen Ross spends a great deal of time working) located at 440 West 42nd Street at 10th Avenue.

According to Bloomberg, the city is going to reportedly contribute $25 million toward the construction of the $60 million theater, and the new arts facility will serve as a new home for the Signature Theatre Company, allowing it to more-than-double their numbers of audience members. The new $800 million, 59-story residential complex in which the theater will settle in will have 800 housing units, which includes 160 low-income residences, and will create 700 construction jobs.

Construction of the residential complex is expected to be complete by 2011, and the construction of the theater is expected to be finished some time in 2012. “There was a period when the future of the project was in question-as were its 700 construction jobs and hundreds of units of much-needed housing,” Bloomberg said. “Today it’s serving as a prime example that despite the national economic downturn, large-scale projects are still happening.”

Via: The Real Deal