The Big Apple is about to get even bigger, thanks to a newly unveiled planned addition by one of the largest retail companies in the country.
Macy’s Inc. revealed in a recent announcement that the company is planning to build a skyscraper atop its Manhattan flagship store, according to a report published on Bloomberg News. Standing 800 feet high, the planned structure is far from a humble proposal, seeking to unlock the store’s real estate value and promote economic activity in the area.
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Additionally, Macy’s is opening up 1.2 million square feet of prime real estate to other tenants. The elaborate plan is estimated to bring in an extra 6,000 people to the already bustling Herald Square area. As a result, the company has been pushing for zoning changes around its property to prepare for the adjustment.
Not only will the building require major public improvements to the surrounding streets and sidewalks, but Macy’s will also be providing a less-than-subtle addition to New York City’s illustrious skyline. In fact, an article by Yoreevo highlights how there is actually 13,000 buildings in NYC that are above 60 feet tall. These structures run the gamut, from residential buildings and apartments to offices and shopping malls. At the moment, the One World Trade Center remains the tallest building in the metropolis, clocking in at 1,776 feet high. And while not nearly as high as the iconic “Freedom Tower,” the upcoming Macy’s tower is certainly on the more ambitious side, almost reaching the New York Times Tower, the Chrysler Building, and the newly opened Hudson Yards.
Chief Executive Officer Jeff Gennette said in a statement that the retailer has been working on plans for the skyscraper for the past year and a half, meeting with numerous city, government, and community leaders along the way. However, Gennette clarified that they are still in the early stages, needing to clear up a number of foundational hurdles before moving forward.
Since it first opened its doors in 1902, Macy’s flagship store has been known as a popular tourist hotspot. It is even more popular during the holiday season, when the store transforms into a 13,000-square-foot Christmas village holiday display that families can immerse themselves in for hours on end.
In 1924, the retailer completed an expansion and became the largest store in the world. Now, Macy’s sells everything from prom dresses and bath towels, to designer goods and activewear apparel. But their work is far from over. Macy’s, which owns around 360 of its 867 stores, aims to continue investing in retail space around the country. Together with Brookfield, which the company formed a partnership with in 2016, the department store chain is also planning to develop numerous new buildings in areas like the Chicago suburb of Vernon Hills. With that, it seems their grand Herald Square scheme is just the tip of the retail iceberg.
Featured Image Credit: Wikipedia