The proposal is now in the ULURP phase (Uniform Land Use Review Procedure). Biltmore 47 Associates is a company formed by the Jack Parker Corp. and the Moinian Group and its affiliates.

While the citizens of Hell's Kitchen remain staunchly opposed to a tower as high as the one proposed, the Biltmore Theatre will be in further danger if the deal is not approved. Badly damaged by a fire in1987, the structure has also suffered from vandalism and weather. The theatre was the original home of such productions as several significant musicals and plays, most notably the hippie-rock musical "Hair."

Manhattan Theatre Club has entered into an agreement with Biltmore 47, agreeing to fund 25% of the restoration costs. After its $18 million restoration, MTC will call the Biltmore home. According to statements issued by the group, the restoration will not happen unless the developers can build the tower they want: "The rehabilitation will only be possible if Biltmore 47 Associates LLC is successful in obtaining approvals pursuant to the ULURP process from the City Planning Commission..."