Ratner starts 42nd St. project.

The folks were smiling, singing and dancing again on 42nd Street last Thursday as the Empire Theater's marquee fell to the sidewalk, marking the start of construction on the $160 million Forest City Ratner retail entertainment project.

For this round, the noontime "explosion" plunger was pushed by developer Bruce Ratner, accompanied by cousin Albert Ratnet - cousin Jimmy Rather was also watching New York State Governor George Pataki, Mayor Rudolph Giuliani, Empire State Economic Development Chairman Charles Gargano and the City's President of Economic Development, Charles Millard.

The lively complex will be completed in time for the millennium celebration in Times Square and will feature several prominent retailers.

This country will get its first interactive Madame Tussaud's Wax Museum in 60,000 square feet on five floors; a 140,000 square-foot 25-screen AMC Entertainment cineplex with room for 5,000 stadium-seated viewers; 20,000 square feet of HMV Records; and 20,000 square feet containing Just For Feet, where customers can try out the footwear by playing on the in-store basketball half-court. Smaller tenants already signed include Crazy Shirts, Cinnabun and The Change Group, which provides money exchanges.

"Forty-Second Street is the place where the rest of the world looks for excitement," Governor Pataki said, reaffirming the good works of the public-private partnership.

Forest City has tenant leases totalling 243,000 square feet executed for the project, while letters of intent have been signed for another 57,000 square feet. Real estate sources say most of that will be occupied by a theme restaurant. The remaining 35,000 feet are in negotiations, possibly to an additional restaurateur.

Among those known to be seeking space in Times Square is the Florida based, Race Rock - a NASCAR-themed eatery that wants race cars and monster trucks on the sides of its new homes, and Jekyll & Hyde, which is seeking a third city location.

Mayor Giuliani said he was looking forward to the movie theaters, "but I'm not looking forward to my wax figure at Madame Tussaud's."

"The city that used to be known for crime and violence is now known for culture and entertainment and being at the center of the world," the Mayor said, adding that he is also glad to have the many construction and permanent jobs.

Ratner said, "We're here to break ground not only on a very important project, but to affirm and reaffirm the importance of a public-private partnership." He thanked Gargano and Millard, as well as Rebecca Robertson, who formerly headed the 42nd Street Project; Cora Cahan, who heads the New 42nd Street and worked on the New Victory Theater; and Forest City's own Mary Ann Gilmartin, "whose perseverance really made it happen."

Development and construction costs will be about $90 million, with another $70 million to be spent on tenant improvements for the four largest tenants. Ratner thanked both Hypo Bank and Credit Lyonnais for providing the financing.

About 1,600 construction jobs will be created during the 18 months of construction, after which the complex will support 835 permanent jobs.

Architectural credits are going to Beyer Blinder Belle, The Rockwell Group, Inc. and Lawrence Rosenbloom for the lively 13-level design. It will rise to 172 feet and combine new construction with the resteration of the Liberty and Empire Theaters, and the Harris Theater facade. The four million pound Empire Theater is actually going to be moved west, where it will be restored to become the lobby and mezzanine of the AMC 42nd St. 25.

The complex is also going to be enlivened with the required Times Square supersignage.

Forest City signed a 99-year lease with the city and state in August of 1996, and its agreements with Madame Tussaud's parent company, Pearson's Ltd., and AMC provided Disney with the comfort level it needed to proceed with the restoration of the now-opened New Amsterdam Theater and make other commitments to the area.

Among its other projects, Forest City is designated as the developer of the 200,000 square-foot retail and entertainment Harlem Center on 125th Street and the 500,000 square foot hotel, movie and entertainment complex at Battery Park City.

It recently completed construction on the new headquarters for the New York Mercantile Exchange, and is the developer in Brooklyn of the 19-story office building at One Pierrepont Plaza, the campus-like office complex at MetroTech Center, and Atlantic Center's 500,000 square-foot retail development in Brooklyn.

The 42nd Street event began when The Tap Dogs strutted their stuff and the boys from Smokey Joe's Cafe sang to the gathered officials and business people, who also enjoyed the blue sky, bright sun and low humidity.

Uptown, Garth Brooks and Billy Joel were to perform later in Central Park, where concert-goers were already spreading their blankets.

But on 42nd Street, it was metal folding chairs, balloon bouquets and New Yorkers in business suits helping to celebrate the City's ongoing rebirth with bottles of lemonade and icy fruit salad served up by actors dressed as construction workers. In fact, almost the only thing seedy left on the Deuce is in the fruit.