BUSINESS

Macy's announces plan to improve flagship store and Herald Square neighborhood

Wednesday, May 12, 2021

Macy's investing $235M in flagship location and Herald Square neighborhoodMacy's has announced a major investment both in its iconic flagship store and the surrounding Herald Square neighborhood.

HERALD SQUARE, Manhattan (WABC) -- Macy's announced it is investing nearly a quarter of a billion dollars into its flagship Herald Square location and the surrounding neighborhood.

Officials announced Tuesday the vision to improve the accessibility to the Herald Square station and upgrade the surrounding neighborhood.

Macy's $235 million plan would upgrade Herald Square's transit infrastructure and public realm into a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators.

To achieve these upgrades, Macy's will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store.

Currently the plan would:

-Transform Herald Square & Broadway Plaza into a modern, car-free pedestrian-friendly urban space for New Yorkers and visitors to gather and enjoy one of the city's most storied locations with upgraded connections to public transportation and substantial improvements to the Herald Square Subway Station

-Ease pedestrian access at Broadway and 34th Street while creating efficient, new transit entrances to the Herald Square Subway Station near Penn Station

-Enhance entry to Herald Square Subway Station at Greeley Square by adding a significantly improved new gateway entrance

-Add ADA-accessible elevators at 7th Avenue & 34th Street and 35th Street & Broadway to the subway station while creating additional pedestrian space on the northern edge of Penn Station

"Macy's Herald Square is one of New York City's most iconic institutions, and, as we plan for the future, we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through our tower project," said Jeff Gennette, Chairman and Chief Executive Officer of Macy's, Inc. "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."

The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output.

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