The Related Companies announced yesterday that it was moving ahead with its hugh full-block, mixed-use development at 440 West 42nd Street.

The 1.2-million-square-foot project is expected to contain 163 units of "affordable housing," and market-rate rental and condo units, a hotel, retail and non-profit theaters.

At one point, the project was to have been designed by Arquitectonica, the Miami-based architectural firm that designed the Westin Hotel on the northeast corner of 42nd Street and Eighth Avenue, with a theater designed by Frank O. Gehry, the architect of the IAC Center on West Street and 19th Street. The announcement, however, gave no indication of who the architects for the project are.

An article in yesterday's edition of crainsnewyork.com by Amanda Fung said that Related "worked with construction unions, contractors, trades, architects and engineers to reduce costs so it can move forward," adding that "The project cost is more than $800 million, according to Related."

"Savings were out of the construction budget and estimated at 20% to 25%, the developer said. The project will be built under a version of the Economic Recovery Project Labor Agreement announced in May 2008 by the Building and Construction Trades Council of Greater New York and the Building Trades Employers Association," according to the article, which quoted Bruce Beal Jr., executive vice president of Related as stating that "This development was unique in that the foundation work had been completed and the financing was in place."

The proposed 59-story tower will sit on an entire city block located at 440 West 42nd Street between 10th and Dyer avenues.

In 2005, Related demolished the Houseman Theater and Fairbank Theater and several other buildings on the Hells Kitchen site to make way for this project and initially it planned to create a facility on the site for Cirque du Soleil but the city did not approved needed zoning changes.

"Last year," the Crain's article continued, "Goldman Sachs and MSD Capital became equity investors in the project, while Related's original partners, Twining Properties and Macfarlane Partners, pulled out. Under the revised plan, the project will include several theaters for non-profit groups. The small theaters will still be designed by Frank Gehry, according to Related. Late last year, Signature Theater Company said it plans to move to the proposed Related tower. Signature's new theater space will reportedly cost $60 million. Related is responsible for the core and shell of the theatre."

Arquitectonica and Ismael Leyva were the architects for the residential tower that will rise above the theaters and contain 623 rental apartments beneath 151 condominium apartments. Abut 163 of the rental apartments will be "below market rate."

The Signature spaces will include a 299-seat theater and two 199-seat theaters. The theater currently has a 160-seat theater at 555 West 42nd Street. The new theater facilities will also include two rehearsal studios, a cafe, a bookstore and offices, all of which will be designed by Frank O. Gehry, the architect of the sail-like I.A.C. building in Chelsea.

According to a Department of Buildings permit issued June 11, 2008, the building would have 55 floors and be 617 feet high.