From The Real Deal:
The Related Companies...restarted construction in the fall on a long-delayed skyscraper at 440 West 42nd Street, which includes a Frank Gehry-designed theater, a hotel and 800 apartments -- a mix of market-rate rentals, affordable units and condos.
The deal was made possible with the help of $25 million from the city for the theater and a citywide agreement between developers and more than 40 labor unions to trim construction costs up to 20 percent. The project had been on hold for months amid the downturn and limited financing.
Why are we taxpayers giving a $25M gift to Related Companies for the services of an overpriced architect at this time? And they call low-income people on public assistance programs "welfare queens"...
6 comments:
The area is over-built currently with empty new build sky-scrapers about to go-online without tenants.
So the 25 million seems like a gift made in headier times that now seems like over-kill for an unnecessary project to promote.
Giving related 25m, well, at least they give that money back in buying supplies, construction jobs, etc.
Most welfare queens only use their 'sittin at home checks' to get their hair did.
Thankfully, the Bronx fought back and said no to Related.
instead of spending 25m on a theater how about spending it on the culture attractions that already exist and need help
The money was not given to Related, it was given to the Signature Theatre, the non-profit theatre company that was supposed to go to ground zero for their new facility.
Ah, well that makes a little more sense. But I just read that the total amount they want to raise is $60M. And it's an off-Broadway theater company. Sounds a bit excessive. $25M could have gone a long way toward school construction, parkland, etc.
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