Macy’s to invest $235 million in Herald Square renewal
Macy's Inc. shared on Monday a new commitment to its flagship Herald Square store, including $235 million of private investment in the surrounding neighborhood.
The investment would go towards upgrading Herald Square’s transit infrastructure to include improved transit connections and ADA-accessible elevators and to turn its plaza into a more pedestrian-friendly urban space, as it plans to leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store.
Macy’s said 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.
“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 CEO 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 Herald Square store first opened in 1902 and grew into 1 million square feet of retail space with its 1924 expansion from Broadway to Seventh Avenue along 34th Street. The store expanded again in 1931 when it annexed the Seventh Avenue building.
The retailer said that the design of the new building is still being developed, but that it will be “a contextually appropriate addition to the neighborhood”. Macy’s is working closely with local officials, Manhattan Community Board 5, the 34th Street Partnership and other community stakeholders on final designs.
“New York is the retail capital of the world and Macy’s is a leader in our industry,” said Melissa O’Connor, president and chief executive officer of the Retail Council of New York State.
“Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery.”
The project will go through the city’s Uniform Land Use Review Procedure (ULURP) process. Macy’s Herald Square location will remain open throughout the project’s timeline.
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