Times Square tower set for $500mn renovation in neighbourhood revival

The owner of the Times Square building, where the New Year’s Eve ball falls every December in front of tens of thousands of celebrants, will invest $ 500 million in its renovation in another vote of confidence in a New York neighborhood that will try to recover from the plague.

Jamestown, the real estate company that redeveloped Chelsea Market in New York, announced Friday its plans for One Times Square, a former New York Times headquarters it bought from Lehman Brothers in 1997.

Apart from the commercial areas on the ground floor, the building has been mostly empty for years. It worked instead as a lucrative billboard in one of the most visible corners of the world, where Seventh Avenue, Broadway and 42nd Street intersect.

Jamestown began work on a redesign in 2017. His latest plan will open the building to the public, offer museum-like exhibits with sweeping technology, and create a viewing terrace overlooking the square below. The goal is to make the property an attraction all year round in the heart of the city’s touristy neighborhood.

Times Square was destroyed by the Covid epidemic, which forced the shutdown of theaters on Broadway that are its mainstay and one of the city’s main attractions for international tourists.

The shows resumed, with 36 games starting May 1 – albeit at lower attendance levels than before the plague. Hotel occupancy, which fell from about 90 percent in 2019 to 50 percent last year, according to the Times Square Alliance business group, also recovered. It is now hovering around 80 percent.

The investment in Jamestown adds to a whirlwind of activity in a glitzy neighborhood whose shift in the 1990s – from a vague outpost to a family-friendly tourist center – was the hallmark of New York’s wider revival.

The Hard Rock International joined Times Square earlier this month while developer L&L Holding and its partners are on track next year to open a $ 2.5 billion tower with a luxury hotel, theater and a spacious outdoor concert stage. The neighborhood is also seen as the site of one of three new casinos that the governor and mayor hope to approve this year.

“Times Square has served as the crossroads of the world for more than a century, and One Times Square is at the center of this global stage,” said Michael Phillips, president of Jamestown. “The next chapter of the building will be based on that heritage, and will create a new destination in the heart of Times Square for the next generation.”

Times Square tower set for $500mn renovation in neighbourhood revival Source link Times Square tower set for $500mn renovation in neighbourhood revival

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