Macy’s (New York) is looking to add a commercial office tower above its Herald Square flagship, according to a press release. The proposed plan also includes a private investment by Macy’s – roughly $235 million – to update the public spaces surrounding its flagship, like the pedestrian-friendly areas at Broadway Plaza and Herald Square, as well as subway access and transit connections.
Additionally, Macy’s would plan to renovate the flagship’s subway station entrances and add ADA-compliant (Americans with Disabilities Act) publicly accessible elevators located on 34th Street, 35th Street, Seventh Avenue and on Broadway.
According to Macy’s, the plan could generate 16,290 annual jobs and $269 million in new annual tax revenues for New York City.
“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,” Chair and CEO of Macy’s, Jeff Gennette, says.
Before breaking ground, the proposal will undergo a ULURP (Uniform Land Use Review Procedure) through the City Planning Commission after the department store retailer completes its DEIS (draft environmental impact statement). Macy’s hopes to keep Herald Square open during construction.
Macy’s has occupied the 2.2-million-square-foot Herald Square store since 1902.