Macy’s Is Betting Big on NYC’s Comeback With a New $235 Million Development Project

As New York City prepares to reopen, Macy’s has announced plans to revive the area surrounding its Herald Square flagship store. On Monday, the retailer unveiled a $235 million development project that would enhance the Herald Square plaza into a more “pedestrian-friendly urban space.” To make this vision a reality, Macy’s is planning to create a more seamless transit infrastructure. Among the key parts of the plan: Upgrading connections to public transportation, creating new transit entrances to the Herald Square Subway Station and adding ADA-accessible elevators at 7th Avenue and 34th Street and 35th Street and Broadway. The improved transit system will allow Macy’s to construct a “car-free” space at Herald Square and Broadway Plaza that will promote a space for visitors to gather. Macy’s plan will not only improve the neighborhood, but will also generate additional economic activity, the retailer explained, as the project is expected to generate $269 million annually in tax revenue for New York City. The project will also support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. Macy’s will also be building a commercial office tower above its flagship store to further facilitate the development project. As the upgrades take place, Macy’s will remain

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