Tishman Realty is planning a $65 million renovation on the four-story, 240,000-square-foot commercial-retail building at 247 West 42nd Street, in the Times Square section of Midtown. The 400-foot-long structure, which includes the retail space under the Westin Hotel at the corner of Eighth Avenue, will receive a more streamlined and modern façade, with billboard advertisements. The property owner plans to keep some existing tenants while replacing others, Crain’s reported. Construction is expected in 2018, with occupancy anticipated in 2019.
Present-day 247 West 42nd Street. Image via Google Maps.
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“…plans to keep some existing tenants while replacing others.” = squeeze out the small business owners in favor of chain stores that will be able to afford the exorbitant rise in rent, all because the owner wanted to prettify the property rather than leave it authentically what it is: gritty 42nd Street. Uninteresting design. Could be Columbus, Ohio.
Looking at the two photos, why bother? It certainly is not an improvement.
The plan can occur always if we think to grow development, no doubt that people and property are closed in daily life.