Revamped One Times Square, home to the New Year’s Eve ball drop, tops out

December 8, 2023

Image courtesy of Jamestown

The $500 million redevelopment of One Times Square, home of the New Year’s Eve ball drop, is moving closer to completion. Developer Jamestown on Thursday celebrated the topping out of the project, which is transforming one of the world’s most famous buildings into a year-round entertainment hub with a new visitor center, a viewing deck overlooking Times Square, a museum, and lots of advertisements. Located at 42nd Street and Seventh Avenue, One Times Square is expected to reopen to the public in 2025.

The building under construction in 1903. Photo via Wikimedia
Image courtesy of Jamestown

Constructed in 1904 as the headquarters for the New York Times, the 26-story building has been home to the New Year’s Eve ball drop for more than a century.

The redevelopment project aims to modernize the 119-year-old building for the 21st century and will open up most of the property’s interior to the public for the first time since the 1970s.

“The future of Times Square needs to build on its strengths – from Broadway to the digital billboards to New Year’s Eve – while also adding new and varied experiences that evolve and elevate its position as a global entertainment district,” Michael Phillips, president of Jamestown, said.

“The redevelopment of One Times Square is a reimagination of how Times Square can be experienced and how brands can create meaningful resonance with consumers.”

Image courtesy of Jamestown

The centerpiece of the redevelopment is its cantilevered viewing deck, which will offer an unparalleled viewing experience of Times Square. The museum will explore the rich history of One Times Square as well as the New Year’s Eve celebration and the neighborhood.

Most of the renovated interior space will be dedicated to branded experiences. Advertisers will be able to reach more consumers through 12 floors of “immersive, technology-enabled activations, including digital, virtual, and augmented reality integrations,” according to a press release.

Jamestown revealed its plans to redevelop the historic property last May. The development firm acquired the building in 1997 and has coordinated the New Year’s Eve celebration with the City of New York and the Times Square Alliance every year since.

The New Year countdown sign has recently been reinstalled on the building and the 2024 numerals are expected to arrive just in time for this year’s festivities at the end of the month.

“The opening of One Times Square in 1904 solidified the neighborhood’s history as the centerpiece of culture and entertainment and created one of the most iconic destinations in the world; linking it to one of the most global events – New Year’s Eve,” Tom Harris, president of the Times Square Alliance, said.

“This redevelopment will continue to challenge the world by creating a truly unique attraction providing a fresh look at an old classic and allowing the millions who have already been, to experience it anew.”


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