Making it official, megadeveloper Related Companies has issued a press release announcing the start of construction on its 1.2-million-square-foot mixed-user in Midtown, known to one and all as the Hell's Kitchen Swimming Hole. Of course, the full-block pit at 440 West 42nd Street has long been pumped dry, and the plans somewhat known. Construction stalled out after the foundation was poured, and it looked like the massive Arquitectonica-designed tower was another credit crunch victim. Nah-ah!
A Curbed tipster recently pointed out that a new crane was erected at the site, located in the middle of Lincoln Tunnel madness, and then we finally dug up some renderings. Unfortunately, according to a Related rep, those renderings are outdated, and no new looks are being released as of yet. Here are the details in the press release:
In the face of an incredibly challenging market, Related has worked with the construction unions, contractors, trades, architects and engineers to reduce costs and allow this large scale mixed-use development project to move forward and create over 700 construction jobs, 163 units of affordable housing, additional market-rate rental and for-sale residents, a hotel, non-profit theatres and ancillary retail. The development will be built to LEED Silver standards. Financing is being provided by a consortium of lenders and the New York State Housing Finance Agency.So it's basically your typical condo/hotel/rental/theater/retail tower. Yeesh, another one of those? Interestingly, no mention of Arquitectonica or Frank Gehry (previously announced to be designing the theater spaces). Have they been value-engineered right on out the door?
· 440 West 42nd Street coverage [Curbed]