Sydney Opera House
The cost of the project so far, even in October 1966, was still only $22.9 million, less than a quarter of the final $102 million cost. However, the projected costs for the design were at this stage much more significant.
Penn South
Early on in the construction process, supporters of Penn South wanted to include "Chelsea" in the name, in order to better integrate it with the surrounding community. The New York state government awarded $2.42 million toward the Penn South project in April 1960. The construction of the development was funded by a 20-year, $23 million mortgage, to be repaid between 1962 and 1982 at a rate of 5.125%. In May 1960, it was announced that the historic Grand Opera House on 23rd Street would be demolished to make way for Penn South. The theater burned down in a fire the next month. RKO Pictures later constructed a new theater called Chelsea West Cinemas in Penn South near the site of the old opera house, now used by the School of Visual Arts as the SVA Theater.