TIMES SQUARE (WABC) -- On Wednesday we get our first look at the new home of the iconic Palace Theatre.
The theater, which is one of the oldest in Times Square, now sits 30 feet above the Crossroads of the World.
It comes after crews spent four months lifting the 14 million pound theater box using hydraulic jacks.
The maneuver lifted the space at a quarter of an inch per hour.
The lift has cleared the way for 100,000 square feet of retail and entertainment space below and surrounding the performance space.
The theater, located at 47th and Seventh Avenue, opened in 1903 as a vaudeville theater and was later home to shows like Oklahoma and La Cage aux Folles.
"Everybody wanted to perform here," L&L Holding Company Chairman and CEO David Levinson said. "And many famous performers did perform here, Liza Minnelli, the Marx Brothers, Frank Sinatra."
And it's a landmark, which is why developers had to be so careful.
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