Courtesy of TSX Broadway
Love it or loathe it, Times Square keeps shining brighter, year after year. The most dazzling addition coming to the "Crossroads of the World" is TSX Broadway, a $2.5B redevelopment of the landmarked Palace Theatre and former DoubleTree Suites Hotel at 1568 Broadway. The 550,000-square-foot venture at the southeast corner of 47th Street and Broadway is being steered by a consortium of developers: L&L Holding Company, Maefield Development, and Fortress Investment Group.
Earlier this month, the team reported that demolition has begun on the Fox & Fowle-designed hotel tower sitting above the theater and retail podium. The tower will be replaced by a larger 669-room hotel that will top out at 46 stories, 544 feet. While every hotel room will have direct views of Times Square through floor-to-ceiling glass, the most sought-after rooms will be the 30 ‘Ball Drop’ suites to feature unobstructed views of the square's annual New Year’s Eve celebration
Earlier this month, the team reported that demolition has begun on the Fox & Fowle-designed hotel tower sitting above the theater and retail podium. The tower will be replaced by a larger 669-room hotel that will top out at 46 stories, 544 feet. While every hotel room will have direct views of Times Square through floor-to-ceiling glass, the most sought-after rooms will be the 30 ‘Ball Drop’ suites to feature unobstructed views of the square's annual New Year’s Eve celebration
Courtesy of TSX Broadway
TSX Broadway exterior
Demolition in progress as of December 2019
The rather complex project is being designed by Platt Byard Dovell White Architects (PBDW) with Mancini Duffy as executive architects, entails several floors of retail/entertainment space, the 669-key hotel, and an overhaul of the Palace Theater. Not to worry, the landmarked theater isn't going anywhere, except up that is. The space will be lifted 30-feet higher and sit on the development's third floor. Though the 105-year-old theater lost its classical facade decades ago, its Beaux-Arts-style interiors remain intact and will be completely restored in a $50 million renovation beginning this winter.
The raising of the 1,600-seat theater will free up coveted Bow-Tie-district retail below, which according to Cushman & Wakefield's 3rd quarter market report has an ask of $2,044 per square foot. Once the theater is lifted, an entirely new structure will be built around it. The hotel tower will be one of the tallest structures ever intentionally demolished. Simultaneously, a few avenues over, JP Morgan is deconstructing its 716-foot-tall headquarter building at 270 Park Avenue.
Courtesy of TSX Broadway
According to the development team, "TSX Broadway will provide a single brand with the most powerful marketing tool in the world, creating a dominant brand presence in the heart of the world’s most visited pedestrian destination." The project will bring the only permanent outdoor stage in Times Square and the most technologically advanced signage and lighting package in New York City. There will be an 18,000-square-foot LED sign wrapping the podium, and a full-building façade lighting system that will activate the entire 46-story tower as a branded beacon.
There will be more than 100 feet of storefronts facing Times Square. The base will be filled with 75,000 square feet of flexible retail space and 30,000 square feet of dining experiences, topped by a 10,000-square-foot outdoor terrace. Overall the retail podium will have the capacity to serve 10-15 million visitors annually.
There will be more than 100 feet of storefronts facing Times Square. The base will be filled with 75,000 square feet of flexible retail space and 30,000 square feet of dining experiences, topped by a 10,000-square-foot outdoor terrace. Overall the retail podium will have the capacity to serve 10-15 million visitors annually.
TSX Broadway Hotel penthouse
“The future of Times Square will be shaped by its ability to maintain a lasting tradition of innovation and creativity,” said David Levinson, Chairman and CEO of L&L Holding Company. “The area’s existing real estate is not equipped to host global brands with the most innovative technology. Through a dramatic intervention, TSX Broadway will replace an aging hotel and sub-par retail with a state-of-the-art, experiential global branding platform in the heart of Times Square, the most visited pedestrian destination on earth.”
Various Times Square developments that include TSX Broadway, Times Square Theater redevelopment, E-Walk, and the Brill Building
Other recent Times Square projects include the Times Square Edition Hotel, the repositioning of the Brill Building by Brookfield Properties, the rather uninspired overhaul of the Bow-Tie Building which just landed Walgreen's as a new tenant, a Krispy Kreme emporium replacing the old Hershey's Chocolate World at 1601 Broadway. Further south, The Margaritaville Resort New York City will open next year at 560 Seventh Avenue. The $350-million project will host 234 hotel rooms, retail, and a synagogue. On 42nd Street, Stillman Development will restore the Times Square Theater into a retail galleria.
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