NEW YORK (WCBS 880) — Macy’s will build an office tower above its Midtown flagship store and shell out $235 million to improve Herald Square, the company said.
Both projects are part of the retailer’s plan to revive the neighborhood and bolster the city’s economy, which was ravaged by the COVID-19 pandemic, the company said in a press release Monday.
“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,” Macy’s Chairman and CEO Jeff Gennette said in a statement.
“We are proud to make this leadership investment in New York’s recovery and are excited to welcome visitors back to Herald Square not only today, but for generations to come,” he added.
As part of its renewal initiative, Macy’s plans to turn both Herald Square and Broadway Plaza into a "modern, car-free, pedestrian-friendly urban space,” the company said in the release.
In addition to improving entryways and pedestrian access to the area, Macy’s plans to add ADA-accessible elevators to Penn Station’s subway entrance at 34th Street and 7th Avenue, as well as to the entrance at 35th Street and Broadway, the release said.
The project is also slated to “ease overcrowding and congestion to allow for a safer, more inviting open space,” the release added.
The retailer’s flagship store is expected to remain open as construction progresses, the release noted.
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