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 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. 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.
Fortress Investment Group
While the flashing marquee lights and LED billboards of 1568 Broadway continue to brighten the crossroads of the world, the light bulbs and digital screens will one day turn off as the building prepares for demolition. Plans for the DoubleTree Suites by Hilton call for an entirely new 46-story, 550,000 square foot building dubbed TSX Broadway. The 106-year old Palace Theatre will be the only part of the original site to be preserved, structurally elevated, and integrated into the $2.5 billion dollar redevelopment. L&L Holding Company, Maefield Development, and Fortress Investment Group are the developers who purchased the site for $450 million dollars.
The DoubleTree Suites by Hilton has long been located at the intersection of 7th Avenue and West 47th Street. But in a few more years, the soon-to-be former hotel will house Times Square’s newest project, a nearly $2.5 billion redevelopment by L&L Holding Company, Maefield Development, and Fortress Investment Group. With the site purchased for $450 million, they plan to demolish the existing hotel and create a new 550,000 square foot and 46-story skyscraper, dubbed TSX Broadway. Plans also integrate the 105-year old Palace Theater. Approved by the Landmark Preservation Commission in November 2015, the historic structure will be lifted from its foundations and placed 30 feet above street level.
Moin Development and SBE have received a $109 million loan for their planned SLS Hotel at 444 Park Avenue South, in NoMad, Commercial Observer reports. The former 14-story office building is being expanded to 20 stories and converted to 190 hotel rooms; multiple restaurants are also planned. Fortress Investment Group provided the loan, which recapitalizes and restructures existing debt. Completion is slated for Spring 2016.