The Times Square Theatre to Receive $100 Million Renovation; Open as Retail Space

It has been reported that the long-vacant Times Square Theatre property will receive a long overdue renovation in the near future.

Stillman Development will be responsible for the $100 million project, and has signed a 73-year lease for the space, which will be reconceived as a multi-floor retail space.

The extensive renovation plan is set to incorporate elements of the theatre's original design, and will preserve the original proscenium, dome, and boxes.

The plans also include restoration of architectural features and will lift the property façade by five feet, which will result in higher ceilings on the ground floor. Developers have also planned to construct a two story glass box and outdoor space on the property.

According to reports, the developers hope to appeal to "entertainment-focused retailers".

The property has changed hands a number of times over the years, most recently having been leased to an entertainment and multimedia company based in Singapore. In 2014, a deal fell through for the much-discussed Broadway 4D project.

Developers estimate that the project will take at least two years to complete.