Raising The Palace Theatre 29 feet...

[Call_me_jorge]

I read they scrapped these plans. Is that true? I remember reading spongebob was a limited run and just assumed they were doing this after that. It still sounds like the Palace could use a refurb if not a lifting.

[Robbie2]

Nothing has been discussed since June '16...I agree it needs a refurb after Sponge Bob if plans have been scrapped for the raising for commercial space

[HogansHero]

where did you read that? 

My understanding is that the regulatory aspect is taking a great deal longer than was (perhaps wishful thinkingly) anticipated. I have not seen anything saying that the plan has been abandoned.

[Robbie2]

HogansHero said: "where did you read that? 

My understanding is that the regulatory aspect is taking a great deal longer than was (perhaps wishful thinkingly) anticipated. I have not seen anything saying that the plan has been abandoned.

 

"

Ask Jorge...Jorge?

[Dollypop]

A friend who worked at the Palace has been hearing all sorts of rumors and is convinced the project has been scrapped.

[BroadwayConcierge]

The Palace ought to be a historical theatre of the highest regard. When I was there for Sunset Boulevard, it looked as though if I stepped somewhere at the wrong angle, the entire building would collapse. I still can't believe Spongebob is headed into this space as it is currently.

[chuckydisc]

Dollypop said: "A friend who worked at the Palace has been hearing all sorts of rumors and is convinced the project has been scrapped."

Another worker had told me that some tests to dismantle the theatre ceiling went horribly wrong/not-to-plan.

 

[HogansHero]

historically, people who work at theatres have proven to be the least reliable sources of information. 

[RoadGypsy2010]

No new news-

I seem to recall reading somewhere here on the interwebs that they didn't want to proceed with this plan while the Marriott EDITION hotel was under construction on the North-West corner of 47th and 7th (701 7th Ave, or 20 Times Square). Traffic and congestion in that area will be dreadful until that hotel project is completed (allegedly later this year), adding the Palace Project to that would make 7th Avenue basically not passable, and with Broadway closed through Times Square, that North to South route needs to stay accessible. Again, I don't have a source to back this information up, as it was months ago when I read it. 

I have mixed feelings on the Palace Rising. Part of me thinks that the engineers and designers they will bring in will do absolute top notch work and we will be getting a beautifully refurbished and patron friendly space. Part of me wants to see a full reno in its current footprint to protect against any risk that may be involved to the Landmark structures, Time will tell.

[GhostXmasPast]

To add context to this discussion - here is a good link which has good diagrams and photos of the intended project.

https://www.google.com/amp/newyorkyimby.com/2015/11/palace-theater-to-be-lifted-29-feet-for-expanded-facilities-and-retail.html/amp

I remain unconvinced that the economics of this plan are sound - it is interesting to see the pictures of the re-location of  The Empire on 42nd - however that was simply repositioning the shell of a theater to adorn a cinema multiplex - not historic preservation of - arguably - the crown jewel of Broadway theaters.

[HogansHero]

re economics and setting aside everything else, the plan is sound, for one simple reason: $1900/sf or likely more.

[GhostXmasPast]

Estimates hard cost of project:

$2 billion

plus opportunity costs of taking hotel and theTheatee off line for two years - or longer

 

net gain of rentable space 70,000 square feet on four levels - three below grade.

generously - 20,000 feet at $1900 - $38 million / year

50,000 at lesser rents as you go deeper - - generously - $50 million

Yields a rough cap rate of sub-five percent on hard costs - in a peak market and rising interest rates.

slow the economy a bit - which will be the ultimate result of a series of rate increases - allow for a few unforeseen contingencies...

Borderline ... 

[OKBroadwayFan]

plus opportunity costs of taking hotel and theTheatee off line for two years - or longer

 

Would the hotel have to close?   It is a separate building.   

Architect Scott Duenow of PBDW Architects said that the theater, with its 1,700-plus seat capacity, is now encompassed by the 45-story DoubleTree hotel tower. He described it as a separate building, basically a box with an inch-gap

 

I understand construction noise and issues, but I have not seen in any of the articles discussion of closing the hotel for 2 years.    

[GhostXmasPast]

The theater moves into space formerly occupied by double tree sky lobby / plans are to reconfigure double tree into 600 room luxury hotel.

[OKBroadwayFan]

THanks--- There are several story links in this two year old thread.  I missed that information.