Macy’s Offers $235 Million Investment To NYC Tower Plan

Macy’s proposed a $235 million investment plan in the area around its Herald Square headquarters.

The development will utilize Herald Square and Broadway Plaza into a car-free urban space, along with new entrances and elevators to the subway stations at 7th Avenue and 34th Street and 35th Street and Broadway.

The department store chain has also been in talks with the city to build a 700- to a 950-foot-tall tower on top of its Herald Square flagship, the largest department store in the country. 

The project will add 1.5 million square feet of office space to the neighborhood.

Macy’s says the renewal plan will generate $269 million annually in new tax revenues for the city and $4.29 billion in annual economic output. 

According to Jeff Gennette, Macy’s CEO, The Herald Square in New York City is the most iconic institution. They plan for the future and increase their commitment to New York by reinvesting in their flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through their tower project.

The department store basically presented the plans for its tower last year, but Macy’s temporarily shut all its locations due to the coronavirus pandemic.

Macy’s plan will go into the city’s Uniform Land Use Review Procedure to get accepted, a process that allows the city council and the community board to consider the plan and host public meetings. It can vary from months to a year-long review.

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