All renderings courtesy of Jamestown
One of the most valuable advertising locations in the world will cash in on its prime location even further. One Times Square, home of the New Year’s Eve ball drop, will undergo a $500 million redevelopment to become a new visitor center with a viewing deck, museum, and 12 floors of interactive “branded” experiences, developer Jamestown announced on Friday. While the 26-story building, located at 42nd Street and 7th Avenue, has been vacant for years, its exterior is covered in giant billboards. As part of the half-a-billion-dollar project, advertisers will be able to reach more consumers through immersive “digital, virtual, and augmented reality integrations” inside One Times Square.
“Times Square has served as the crossroads of the world for more than a century, and One Times Square is at the center of that global stage,” Michael Phillips, president of Jamestown, said.
“The building’s next chapter will build on that legacy, creating a new destination in the heart of Times Square for the next generation. With a focus on providing experiences enhanced by technology, the project is representative of the future of real estate and the integration of the physical and virtual worlds. We are reimagining how spaces can be experienced by leveraging the power of AR technology and creative storytelling.”
The building under construction in 1903. Photo via Wikimedia
Built in 1904 as the headquarters of the New York Times, One Times Square has been home to the New Year’s Eve ball drop event for over a century. As one of the world’s most visited attractions, along with “billions of earned impressions” from film, television, and social media, the property is one of the most visible in the world.
Opening most of the building to the public for the first time since the 1970s, the redevelopment includes a new “viewing” deck that will provide an up-close look at the New Year’s Eve Ball and a museum that will explore the history of the building, the New Year’s Eve celebration, and the neighborhood.
Most of the renovated interior space will be dedicated to the branded experiences, which will span 12 floors and include immersive interactions with brands through “technology-enabled activations,” according to a press release.
The roughly 27-month construction period won’t disrupt any ongoing advertisements, with the north-facing LED signs continuing to broadcast. The redeveloped building interior is expected to open to the public in summer 2024.
“One Times Square is an iconic building in our neighborhood’s history: it was the home of The New York Times and it has been the stage that has housed the New Year’s Eve Ball Drop for over a century,” said Tom Harris, President of the Times Square Alliance. “We celebrate with our partners at Jamestown as they start a journey to redevelop this historic building that will inspire and engage the millions of people who visit Times Square from all corners of the globe.”
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Neighborhoods : Midtown