Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the exsiting tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 581-foot tall, 46-story hotel. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding Company, Maefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.
The future tower will likely have the same height and proportions as its predecessor, but will feature improved video signage and retail space, providing a much more engaging experience for shoppers and tourists.
The most intriguing of element shown in the renderings of the forthcoming tower is a cantilevered balcony three stories above Times Square, surrounded by an expansive wraparound LED video board, which will be among the largest and brightest in the famous crossroads of the world. Atop this will sit an outdoor terrace.
It is possible for the superstructure to begin coming down in the second half of 2019. A completion date for 1568 Broadway has been announced and scheduled for 2022.