CityRealty Insider > New Developments in the News

New Developments in the News

FEBRUARY 16, 2010

The Green Light initiative is a keeper, Times Square may get some new creatures and Studio City gets the green light.

The Green Light for Midtown pilot initiative, which routed traffic away from Broadway from 47th Street to 42nd Street and from 35th Street to 33rd Street, simplifying traffic patterns and creating more than 2.5 acres of new public space, will become permanent. The changes in the flow of midtown traffic that went into effect in May of 2009 initially worried retailers who feared that less sidewalk traffic would lessen window-gazers, but surveys have indicated that increased foot traffic has actually been good for business.

A $100 million aquarium in the base of the new tower at 42nd Street and 8th Avenue may soon compete with Times Square crowds for the attention of passersby. The lease on the space is not final yet, but the planned completion date for the project is September 2011 and which would feature sharks, rays, penguins and otters frolicking in tanks.

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