The makeover will include a 19th floor observation deck to view Times Square.
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The improvement project is expected to take two years, but revelers need not worry.
The ball will still drop from its tippy top during the renovations.
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Jamestown, the real estate investment and management firm known for the redevelopment of Chelsea Market, made the announcement Friday with New York City Mayor Eric Adams.
"Times Square has served as the crossroads of the world for more than a century, and One Times Square is at the center of that global stage," Jamestown President Michael Phillips said. "The building's next chapter will build on that legacy, creating a new destination in the heart of Times Square for the next generation. With a focus on providing experiences enhanced by technology, the project is representative of the future of real estate and the integration of the physical and virtual worlds. We are reimagining how spaces can be experienced by leveraging the power of AR technology and creative storytelling."
The redevelopment, which will open much of the building's interior to the public for the first time in decades, also includes the creation of a museum experience that will tell the story of the building, the New Year's Eve celebration, and its place in the history of Times Square.
Additionally, the redevelopment will include a next generation brand experience offering brands the added ability to connect with their customers in Times Square through immersive, technology-enabled activations.
The interactive experiences will encompass 12 floors and include digital, virtual, and augmented reality integrations.
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"Times Square is the magnet that brings so many people to New York City every year, and we need it to live up to its reputation as a global icon to help our economy recover," Adams said. "This major project is yet another sign that we are moving in the right direction, towards the more prosperous, innovative, inclusive future New Yorkers deserve."
The redevelopment also includes improvements to the Times Square Shuttle station, which when fully activated, will include a new stair entrance, canopy, and ADA accessible elevator.
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Construction will allow the north-facing LED signs to continue broadcasting uninterrupted throughout the approximately 27-month construction period. The redeveloped building interior is projected to open to the public in summer 2024.
One Times Square is a 26-story building located at the intersection of 42nd Street, Seventh Avenue, and Broadway in the heart of Times Square -- built as the headquarters of The New York Times in 1904. Home to the New Year's Eve Ball Drop Celebration, the globally recognized building has been central to New Year's Eve traditions celebrated around the world since 1907.
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Jamestown has coordinated the New Year's Eve Celebration in partnership with the City of New York and Times Square Alliance since it acquired One Times Square in 1997.
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