Nederlander Organization to lift Palace Theatre 29 feet

The $2 billion project will create room for basement retail
January 10, 2016 04:00PM

The Nederlander Organization, which owns nine Broadway theaters, is embarking on a $2 billion project in Times Square that will create a one-of-a-kind retail space.

The organization plans to lift the famed Palace Theatre 29 feet, creating space for subgrade retail, according to the New York Post. The Palace will undergo a multimillion-dollar restoration.

Built in 1913, the Palace Theatre is now encased by the DoubleTree Suites hotel at the corner of Seventh Avenue and West 47th Street. The façade was lost decades ago, leaving only the landmark interior.

New York City Landmarks Preservation Commission has approved the project, which is a joint venture between the Nederlanders and Maefield Development. The project will unlock 10,000 square feet of space over four levels. Experts told the Post that the leases could potentially create a billion dollars worth of value over time. [NYP]Christopher Cameron