Hysell has joined Russell, who built numerous Off-Broadway venues including the Snapple Theater Center, and they have signed a 10-year lease for the facility at 601 Eighth Avenue, which will include three theatres with different capacities — 99 seats, 199 seats and 249 seats.

The facility, which will be called the Theater Center (if naming rights are available), will provide a space for artists and producers working on small projects. 

"General managers consistently tell us that the West Side of Manhattan in Midtown is where every producer wants to be, but there are too few venues," Hysell said in an interview with the Times. "There are also limited places with these numbers of seats, and very few spaces that can do 249 seats."

The center will include a box office and small restaurant or bar on the ground floor. The three theatres will be located on the second floor.

The Times reports that Hysell said rental rates are not finalized, but that they will be at standard market prices: $5,000-$10,000 a week, as well as a percentage of box-office sales.