The “Economic Recovery Project Labor Agreement” along with other collaborative efforts are saving real money — $100 million, representing nearly 20% of construction costs — for the developers of a visionary project at 440 W. 42nd St. in Manhattan. Work on the 59-story glass tower will employ 700 construction workers, the members of 40 different locals including the Cement and Concrete Workers District Council, Local Union 731 and Local Union 79.

The Related Companies owns the 1.2 million square-foot mixed-use project, which comprises the entire city block of 42nd Street between 10th and Dyer Avenues in mid-town Manhattan’s Hell’s Kitchen neighborhood. Related is building it in collaboration with Tishman Construction Corporation, projecting completion of the concrete superstructure this summer. Occupancy of the residential complex — more than 800 units of luxury rental, affordable rental and for-sale residences, with amazing amenities and views of the Hudson River and Times Square — will follow in 2011.

The commercial components of the project, also slated for completion in 2011, will comprise street level retail, a Yotel hotel, underground parking and the Signature Center, an off-Broadway Theatre complex designed by Frank Gehry. Designed by Arcquitectonica and Ismael Leyva Architects, the entire project is being built to LEED Silver standards for energy efficiency.

Greg Gushee, Senior Vice President of Related Companies and project manager of the 42nd Street development said, “Collaboration has been an ongoing theme in the evolution of this development. For several years we worked with the community to develop a program that would contain critical affordable housing as well as non-profit theatres and add even more vitality to this diverse neighborhood. We are very pleased that through creative thinking and a partnership with the building trades not only is the development moving forward, creating jobs, and ensuring that our city continues to grow, but the process which we went through has resulted in an even better building.”

Total development costs were originally estimated at $900,000,000, but the “Economic Recovery Project Labor Agreement” announced last May as well as a comprehensive review by contractors, trades, in-house architects, developers, consultants and engineers, costs were able to reduced to approximately $800,000,000.

While this Agreement and the efforts undertaken facilitated completion of the project, its location near the Lincoln Tunnel outlet and the No. 7 subway line extension posed unique logistical challenges in delivering materials to the site and to construction itself, challenges which the team embraced.

This enormous project has benefited from efficient cooperation from the start. In December 2009 the City of New York announced a partnership with the Signature Theatre Company to build Signature’s new home in the complex. The City is contributing $25 million toward construction of the $60 million facility comprised of three theaters, rehearsal studios, offices, a café and bookstore.

The trades have also cooperated successfully during construction. For example, construction of the 24th floor slab and the pads for mechanical equipment — including 12 large hot water heaters, seven plate-frame heat exchangers, three large preassembled pump units, and a large emergency generator — took only three days.

Just as we cooperated in the development of the PLA that is so beneficial to the affordability of this project, we cooperate in the day-to-day work on this project with our brothers and sisters in other trades,” said Alex Castaldi, Business Manager Cement and Concrete Workers District Council.

Through the project, approximately 91 members of the three locals have been working steadily — on time and far under the original budget.