NYC Mayor Eric Adams Announces $500M Times Square Redevelopment

The building located at 1 Times Sq. is iconic, better known for the New Year’s Eve ball drop. However, it’s what’s on the inside that’s about to get a lot of attention.

That's because under the crystal ball and behind the flashy billboards, the building itself has been empty for decades. This will change.

“This is the center of the universe for America," Mayor Eric Adams said on Friday as he announced a major renovation project on the horizon.

A $500 million renovation to create a Times Square visitors' hub is in the works. The project will be the centerpiece to welcome the public inside One Times Square for the first time.

The plan calls for modernizing the building and making it more accessible -- all while providing different for people to enjoy Times Square.

Built in 1904, One Times Square was briefly used as the New York Times headquarters. Real estate company Jamestown bought the building in the 90s and now plans to lease 12 floors for branded experiences -- building immersive retail spaces with virtual and augmented reality technologies.

Michael Phillips, president of the Jamestown real estate company, said the plan aims at "repositioning a physical building at the intersection of the digital and physical environment moving forward.”

The renovation plans also call for another six floors to become a museum to share the history of Times Square, all while a brand new viewing deck will give visitors a bird's eye view of the "crossroads of the world."

“The eyes of the world may turn to Times Square on New Year's Eve but all year round this is a bustling neighborhood in the center of our city," Rep. Jerry Nadler (D-NY) said.

The ambitious plan will also include improvements to the Times Square Subway Station under the building.

However, all of the expected construction will not get in the way of New Year’s Eve celebrations.

The renovations are expected to take a few years, with a projected opening in the summer of 2024.