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City Council approves plans for TSX Broadway redevelopment

$2.3B renovation includes three-story elevation of historic Palace Theatre

Council Speaker Corey Johnson and a rendering of TSX Broadway (Credit: Getty Images and ArX Solutions)
Council Speaker Corey Johnson and a rendering of TSX Broadway (Credit: Getty Images and ArX Solutions)

UPDATED, 5:44 p.m., June 28: The City Council approved Thursday the proposed redevelopment of the Palace Theatre and 702 Seventh Avenue, a project near Times Square known as TSX Broadway.

Maefield Development and its partners plan to build a 47-story building with 663 hotel rooms plus retail space, which they expect will be worth a total of $4.2 billion five years from now. The redevelopment also includes elevating the Palace Theatre at the address three stories higher in order to create more retail frontage.

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The city’s Landmarks Preservation Commission approved the plans for the theater in 2015.

Last month, The Real Deal reported that some Chinese EB-5 investors in TSX Broadway and other projects in Manhattan were becoming fed up with the long wait times for investor visa and were consulting American attorneys about how to get their money back. [Crain’s] — Will Parker

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Commercial Real EstateEB-5