May 11, 2021
Macy s plans include improvements in the neighborhood near the store. Photo credit: FXCollaborative
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Macy’s, Inc. today announced its vision for renewing its commitment to its flagship Herald Square store, including $235 million of private investment in the surrounding neighborhood. Macy’s plan would upgrade Herald Square’s transit infrastructure and public realm into a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators. To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store.
Macy’s is excited about the opportunity to work with the community to improve the neighborhood and generate additional economic activity in the city. The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in
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.
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