Real estate developer JEMB Realty has unveiled plans to redevelop Herald Center, a ten-storey glass retail and office property in Manhattan, New York, US.
The 250,000ft² facility is located at the south-west corner of 34th Street and Broadway in Manhattan.
The redevelopment of Herald Center, which was built in 1982 on the site of the former Korvette’s discount store, is expected to cost $50m.
As per the plans, JEMB Realty will remove glass panels on the first three floors and replace them with transparent panes.
Plans also include the transformation of floors four to ten using new LED panels to create a light display.
JEMB said three floors of visibility as well as frontage on both Broadway and 34th Street will be available after completion of the redevelopment.
JEMB Realty principal Morris Bailey said the planned improvements to the pedestrian plaza immediately in front of Herald Center will further enhance the opportunity for retailers at Herald Center.
"For a few lucky retailers, the new Herald Center really will be a miracle on 34th Street," Bailey added.
Daffy’s occupied about 100,000ft² of Herald Center and JEMB bought out the company’s leasehold interests at various locations for $43m.
Upon completion of the redevelopment, ASA College, which currently occupies floors two and three of Herald Center, will move into the former Daffy’s space on floors four to seven.
The company said ASA College will have its own ground floor lobby entrance on 33rd Street.
JEMB, which currently owns more than 7.2 million ft² of commercial space in North America, has hired CBRE to find new tenants.
Image: The redevelopment of Herald Center is expected to cost about $50m. Photo: PRNewsFoto/JEMB Realty Corporation.