One Times Square, aka the Times Tower, is one of the most photographed buildings in the world. Millions of tourists from across the country and around the world constantly take photos of Times Square, formerly called Longacre Square, and the flashing digital advertisements that run nonstop year round. Even more view it during the annual ball drop and lighting of the four numbers at the start of every year since 1904. The culturally iconic and economically famous 25-story skyscraper stands 363 feet tall and is in the midst of getting a 21st century makeover. Six giant screens that once lit the slender northern wall have been taken down and will be consolidated into one 350-foot-tall LED panel. Jamestown is the owner of the property. One Times Square can be touted as the most expensive and lucrative place on the planet to advertise.
Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding Company, Maefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.
The first floor slabs for a new Margaritavile Resort at 560 Seventh Avenue are beginning to rise above the crowded tourist-congested streets and sidewalks of Times Square. The 29-story building will sit at the intersection of Seventh Avenue and West 40th Street. Coming to the property will be a three-story restaurant, an outdoor swimming pool with plentiful seating and beach-themed motifs, and a rooftop bar called the LandShark Bar & Grill. Sharif El-Gamal of Soho Properties is developing the site along with MHP Real Estate Services. The cost to build is expected to be around $300 million.
Work is now progressing quickly for Times Square’s impending Hard Rock Hotel, situated between Sixth and Seventh Avenue at 159 West 48th Street. The 445-key inn is being designed by Berg + Moss Architects. The 225,000 square foot project is being developed by Extell, in partnership with Hard Rock International. The site was purchased by Extell eight years ago for $26 million, along with the necessary air rights that will allow the structure to rise 442 feet tall. The previously existing parking garage has since been demolished, and now work on the foundation is underway.
Located between Sixth and Seventh Avenue in Times Square, 145 West 47th Street will soon yield a new 343-key hotel. Designed by Berg + Moss Architects, the hospitality project is well under way, and the first floor is now being formed and assembled. The building will stand 27 stories high when complete, and have a total square footage of around 141,500 square feet. The property was sold by Stahl Real Estate almost three years ago for $101.2 million dollars, and TriBeach Holdings is the new developer.