Dive Brief:
Macy s may be rethinking its overall store strategy, but on Monday the company revealed plans regarding the renewal of its flagship location at Herald Square in New York City, according to a press release sent to Retail Dive.
The project involves a $235 million private investment in the neighborhood surrounding the store, including Herald Square s infrastructure, with upgraded subway access and improved transit connections. The company will also build a commercial office tower above the store.
Macy s forecast that the plan will generate $269 million in yearly city tax revenues, support 16,290 jobs and deliver over $4 billion in economic output annually. The Herald Square location will be open throughout the project s development.
Tue May 11, 2021 - Northeast Edition
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Rendering of the proposed skyscraper on top of Macy s. (FXCollaborative rendering)
Macy s revealed new renderings on May 10 that illustrate its plans to build a new office tower over its midtown Manhattan, N.Y., flagship location in Herald Square.
Two years after its initial announcement to build the skyscraper atop its landmark department store, the retailer also said that it will invest $235 million in the surrounding neighborhood including new subway entrances and more pedestrian space.
The New York Post reported the multi-million plans could help get the skyscraper plans approved by easing the project s way through the Uniform Land Use Review Procedure, the city s often contentious approval process. The tower needs City Hall s green light for a zoning change for its size and height 1 .5 million square feet of office space and between 750 and 900 feet tall, according to plans shown earlier.
Macyâs Outlines Ambitious Plan for Herald Square
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Macyâs wants to build an office tower atop its Herald Square location.Credit.FXCollaborative
Macyâs is proposing the construction of a commercial office tower on top of its flagship Herald Square store in New York as part of a broader redevelopment plan that would aim to improve the surrounding area and its subway stations.
The retailer said in a statement on Monday that it would commit $235 million to help improve the Herald Square subway stations and to âtransform Herald Square and Broadway Plaza into a modern, car-free pedestrian-friendly urban space for New Yorkers and visitors,â according to a website it created for the proposed project.
Macy s Will Spend $235 Million To Improve Herald Square, And Bring New Skyscraper To Area
arrow Rendering of the proposed skyscraper on top of Macy s FXCollaborative
Two years after announcing plans to build a skyscraper atop its landmark flagship location in Herald Square, Macy s on Monday shared new renderings of their plans. The retailer also revealed that it will invest $235 million in the surrounding neighborhood including new subway entrances and more pedestrian space.
“Macy’s Herald Square is one of New York City’s most iconic institutions, and, as we plan for the future, we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through our tower project,” said Jeff Gennette, CEO of Macy’s, in a statement. “We are proud to make this leadership investment in New York’s recovery and are excited to welcome visito
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