Macy’s Will Spend $235 Million To Improve Herald Square, And Bring New Skyscraper To Area


Two years after saying plans to construct a skyscraper atop its landmark flagship location in Herald Sq., Macy’s on Monday shared new renderings of their plans. The retailer additionally revealed that it’s going to make investments $235 million within the surrounding neighborhood—together with new subway entrances and extra pedestrian house.

“Macy’s Herald Sq. is one in all New York Metropolis’s most iconic establishments, and, as we plan for the long run, we’re doubling down on our dedication to New York by reinvesting in our flagship location whereas committing $235 million in non-public funding to improve the Herald Sq. neighborhood via our tower undertaking,” mentioned Jeff Gennette, CEO of Macy’s, in a press release. “We’re proud to make this management funding in New York’s restoration and are excited to welcome guests again to Herald Sq. not solely at this time, however for generations to return.”

The $235 million plan is seen as a method to assist get the skyscraper plans okayed—in line with the Submit, it may “ease the undertaking’s method via the Uniform Land Use Evaluation Process, town’s typically contentious approval course of. The tower wants Metropolis Corridor’s inexperienced gentle for a zoning change for its measurement and peak — 1 .5 million sq. ft of workplace house and between 750 and 900 ft tall, in line with plans proven earlier.”

Rendering of aerial look at Herald Square, with improved sidewalks a new transit entrance


Rendering of Herald Sq., with Macy’s funding


In an FAQ in regards to the undertaking, the corporate mentioned that the shop will stay open throughout building and that its plans won’t “influence numerous basic and celebrated options on the retailer, together with the wood escalators that pioneered the expertise once they had been constructed within the Twenties.”

Macy’s additionally says it is betting on creating this large, new workplace tower as a result of it “envisions a Herald Sq. that thrives lengthy past New York Metropolis’s present restoration from the worldwide pandemic. As a number one middle of worldwide commerce, New York Metropolis is forecasting a major quantity of latest workplace jobs in 2021, anticipating a return to pre-pandemic workplace employment ranges by the fourth quarter and recouping workplace jobs misplaced on the outset of the pandemic. As well as, improved entry to mass transit at this main crossroads for town will probably be a major funding sooner or later.”

A map of the area around Macy's, with indicators showing where the subway entrances and other improvements wouldbe


Macy’s proposed adjustments for the neighborhoods


Here is what Macy’s plans so as to add (however the retailer says it will consult with the local people board and different teams), in line with a press launch:

  • Remodel Herald Sq. & Broadway Plaza into a contemporary, car-free pedestrian-friendly city house for New Yorkers and guests to collect and luxuriate in one of many metropolis’s most storied places with upgraded connections to public transportation and substantial enhancements to the Herald Sq. Subway Station
  • Ease pedestrian entry at Broadway and thirty fourth Avenue whereas creating environment friendly, new transit entrances to the Herald Sq. Subway Station close to Penn Station
  • Improve entry to Herald Sq. Subway Station at Greeley Sq. by including a considerably improved new gateway entrance
  • Add ADA-accessible elevators at seventh Avenue & thirty fourth Avenue and thirty fifth Avenue & Broadway to the subway station whereas creating further pedestrian house on the northern fringe of Penn Station

Macy’s says that the $235 million “renewal plan” will generate an estimated $269 million in new annual tax income, plus “help 16,290 annual jobs and spark $4.29 billion in annual financial output.”