Work on L&L Holding Company’s TSX Broadway, the 46-story mixed-use tower at Seventh Avenue and West 47th Street, is moving “full steam ahead,” according to David Orowitz, co-principal and general manager of L&L. A major milestone was reached last week with the completion of the historic Palace Theater’s intricate elevator to 30 feet above street level.
The meticulous work was a technical triumph. The heritage-listed, Nederlander-owned Palace entrance has been moved around the corner to 47th Street – a move that frees up 100 feet of valuable avenue-side retail frontage.
Orowitz said, “We’re also renovating the actual theater and adding women’s restrooms and new dressing rooms” — a $50 million mini-project within the tower’s $2.5 billion total development cost.
The theater’s height was one of many engineering challenges faced by the developers — specifically, due to previous zoning regulations, approximately 25 percent of the previous building’s structural steel had to be preserved and machined.
The new building will include a 600+ room hotel (name of operator), an indoor-outdoor venue, Times Square’s largest outdoor patio, 51,000 square feet of signage and nearly 100,000 square feet of retail and entertainment space.
A separate company called TSX Entertainment will operate the performance spaces on floors 2-10.
All work is expected to be completed in 2023, Orowitz said.