NYC's Most Popular Attraction to Receive a $500M Renovation

For the millions of tourists each year who flock to it, Times Square is the quintessential attraction to check off their NYC bucket lists. For native New Yorkers and all suburbians living within a 30-mile radius, it's a place that's avoided like the plague. Regardless of your stance, however, there's really no argument that One Times Square, the tower standing at the heart of it all, is one of NYC's most iconic structures.

Built in 1904, the 26-story tower is renowned for having hosted the New Year's Eve ball drop since 1907. Strangely, despite its interior sitting vacant for decades, the structure is a massive revenue generator. Bringing in $23 million annually, it serves as a gigantic billboard mount and is considered to be the most valuable advertising space in the world.

And with a rich history comes an exciting future because One Times Square's owner, Jamestown, has just received a $425 million refinancing loan from JP Morgan Chase. This will be used to fund an extensive renovation of the building, which could total up to $500 million.

The renovation will take approximately 27-months with AECOM Tishman serving as the general contractor. Plans for the exterior include a brand new facade and a fresh window treatment, but a very noticeable change will be the addition of an outdoor viewing deck. This will be accessible to the public and overlook the square.

The tower's interior is set to receive an even bigger transformation. Twelve floors of previously unused space will be turned into a visitors center, containing a brand new, Times Square museum. Various interactive and virtual-reality experiences will also be offered. One Times Square is expected to debut its new identity in the Summer of 2024.

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