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Times Square's Palace Theater to Get $2B Revamp, Hotel

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Plans are underway for a massive $2 billion restoration of the historic Palace Theater, after the city's Landmarks Preservation Commission approved a proposal that would increase the size of the theater, and add a new 704-room hotel above it, the Wall Street Journal reports.

The restoration will add 10,000 square feet of space to the theater and improve on some of the decorative elements of its interiors. The theater was built in 1913, and soon after became one of the most sought-after spaces in the country for Vaudeville acts, and is currently one of the oldest Broadway theaters still around. (It's currently home to the recent revival of An American in Paris.) The renovation proposal has received some backlash from historic preservationists, who are worried that the renovation work might damage the theater's interiors, according to the WSJ.

The interiors were landmarked in 1987, but the exteriors have already been renovated twice in the last 20 years to create a new lobby for the DoubleTree Suites Hotel hotel that sits atop the theater. The theater's owner, The Nederlander Organization, is working with Maefield Development for the restoration work. Part of this new proposal include buying that hotel from its current owner, Sunstone Hotel Investors, Inc., and converting it into a 704-room luxury hotel.

The renovation efforts will also see the addition of 66,000 square feet of retail space spread out over four floors, and 40,000 square feet for a restaurant, bar, and a nightclub, all in addition to the new hotel. The overall project is being undertaken by PBDW Architects, whereas the hotel will be designed by Yabu Pushelberg, most prominently known for their interior work at One Madison Park. The project is expected to be complete by the end of 2019.
· New York City's Palace Theatre to Be Elevated in Hotel Project [WSJ]

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