Photo: Construction Continues to Lift the Palace Theatre in Times Square

As BroadwayWorld has previously reported, construction is underway on the new 470-foot hotel in Times Square, located at 1568 Broadway. The project also includes the raising of the Palace Theater to add additional retail space at ground level.

The new hotel, dubbed TSX Broadway, is designed by PBDW Architects, Mancini Duffy, and Perkins Eastman and developed by L&L Holding Company, Maefield Development, and Fortress Investment Group.

Today, TSX shared an image of the latest at the site. "What goes down, must come up! The construction team at TSX Broadway prepares for the historic lifting of the landmark Palace Theatre, happening later this year! Stay tuned for more information and behind the scenes content of this groundbreaking feature of engineering and the masterful restoration of this beloved theatre."

The project will create 75,000 square feet of retail space with 15,000 square feet on the ground floor alone, as well as 100 feet of storefront facing Times Square. A 4,000-square-foot performance venue will also be included, featuring Times Square's only permanent outdoor stage.

The Palace Theater is undergoing a $50 million renovation, which includes the refurbishment of its ornate plaster, 10,000 square feet of additional back-of-house space, a new lobby with a bar and box office, new chandeliers, additional restrooms, new seats, a new marquee, and improved acoustics. Read more and view photos of the site at New York Yimby.