City Council Approves Times Square Theater's $2B Renovation

MIDTOWN MANHATTAN, NY — The New York City Council approved an application Thursday for a $2 billion renovation of the landmarked Palace Theatre in Times Square, according to a council press release.

The renovation itself was approved by the city Landmarks Preservation Commission in 2015, but it was contingent upon the City Council's approval of a zoning text amendment which modifies signage requirements, according to the press release.

Developers plan to raise the landmarked theater, located within the DoubleTree hotel on Seventh Avenue and West 47th Street, three stories into the air, Crain's New York Business first reported. The theater, which is currently located on the building's ground floor, will be replaced by retail space, according to the report.

"We thank the Council and their subcommittees for the final approval of the text change," the development team told Crain's in a statement. "We also want to thank all our partners and stakeholders that helped us create a thoughtful redevelopment plan that honors Times Square’s history and contributes to its legacy."

The theater itself will be entirely preserved during the renovation, which is expected to cost about $2.4 billion. Billboards that are currently installed on the building's facade will be replaced by a giant LED digital billboard, Crain's reported.

The Palace Theatre first opened in 1913 and was designated an interior landmark in 1987. It originally operated as a Vaudeville House and has recently hosted productions such as "SpongeBob SquarePants: The Broadway Musical" and "An American in Paris."

Read the full Crain's New York story here.

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