Lord & Taylor is considering a plan to put a luxury mixed-use tower on top of its 103-year-old Fifth Avenue flagship location, the New York Post reports.
The plan, ushered along by New York real estate mogul Richard Baker, would keep the original 11-story department store at the base of the tower, adding a massive steel and glass skyscraper above, which would play host to a mix of office spaces and apartments.
Though Baker—who also owns Saks Inc. and its Fifth Avenue flagship—declined to comment on the situation, “real estate insiders” told the Post that other skyscrapers in the area easily reach 60 stories, if not more.
It’s hardly the only money Baker would throw toward the chain. The Lord & Taylor brand spent roughly $25 million on renovating its Stamford, Connecticut store and is now undertaking a $35 million expansion at its location in Manhasset, Long Island.
Meanwhile, four other Lord & Taylor locations are in “various stages of upgrade,” and the Manhattan flagship has recently undergone a revamp of its own. The Fifth Avenue store just completed a $12 million renovation of its fifth floor “Dress Address,” which is devoted to—wait for it—the store’s collection of women’s dresses.
The investments represent a change in thinking since Baker first picked up the retail chain in 2006. At the time, Baker suggested that the Fifth Avenue flagship was “too large at that location,” and suggested he might redevelop the site.