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Times Square is about to undergo a massive update.
Real estate investment and management firm just announced the $500 million redevelopment of the 118-year-old building One Times Square, which is actually the home of the iconic New Year's Eve Ball drop celebration. The revamped building will officially turn into a modern-day visitor center with a new viewing deck and a museum—and it will be open to the public for the very first time in decades.
According to a press release, the new viewing deck will allow visitors to take a close look at the famous New Year's Eve Ball all the while reveling in elevated views of the neighborhood. The museum, on the other hand, will explore the history of the building and Times Square as a whole, obviously also delving into the importance of the annual midnight celebration.
There's more: the 26-story building on 42nd Street will also become a destination for branded experiences that will take over 12 floors and, according to the press release, "include digital, virtual and augmented reality integrations."
The redeveloped building interior is projected to open to the public in the summer of 2024.
"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," said Michael Phillips, president of Jamestown, in an official statement. "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."
Lest you think the major update will change the way Times Square looks like for the duration of the 27-month-long construction period, think again: the north facing LED signs on the facade of the building will continue broadcasting advertisements throughout the time and the famous Ball will also stay in place.
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