Update: NYC Approves Plans to Elevate The Palace Theatre- Get all the Details Now!

BroadwayWorld previously reported that The Nederlander organization was looking to add a basement to the Palace Theatre, and we have now learned that a renovation plan has officially been approved.

The $2 billion renovations will elevate The Palace Theatre, which already has a Double Tree hotel on top of it, 29 feet above the ground, creating a downstairs space covering 10,000 square feet. This space could be leased to any business imaginable.

When Maefield Development first brought the idea to The Nerderlanders, Nederlander executive vice president Nick Scandalios was baffled. "But then they explained the engineering to us, and we realized it can be done, and safely," Scandalios recalls. The expansion will mean utilizing the space between The Palace Theatre and the Double Tree, utilizing a plethora of sensors to insure nothing will crack or fall. The process will be done an inch at a time, using 16 jacks that will eventually be replaced by columns underneath The Palace Theatre.

So how long with this whole undertaking last? It looks like it will be at least 30 months, beginning after the closing of AN AMERICAN IN PARIS, which is currently playing in The Palace Theatre with no plans to close yet.

Preservation purists have their doubts about such a change, fearing that if, say, a restaurant moves in below The Palace Theatre, every Broadway theatre will follow suit. However, Scandalios argues that since The Palace Theatre already "floats" in the Double Tree in its Times Square location, it is unique is not setting a precedent.

"Remember, everyone is here because we're here. It's not the reverse."

Click here to read the original story on the matter.

Featuring a Beaux-Arts style interior with Baroque style detailing designed by Kirchhoff & Rose, The Palace Theatre opened in 1913 and achieved legendary status as the nation's leading vaudeville theatre. "Playing The Palace," meant a vaudeville performer had truly made it. Used as a movie house after the decline of vaudeville, The Palace was then purchased by The Nederlander Organization and converted in to a legitimate Broadway house with the 1966 opening of SWEET CHARITY.