TSX Broadway is a mixed-use develop- ment that will be erected in the heart of New York City’s Times Square.
Scheduled to open in 2021, its location at
1568 Broadway is arguably the best in the
country. Just ask David Orowitz, although as
senior vice president of development at L&L
Holding Co., he may be forgivably biased.
L&L, along with Maefield Development and
Fortress Investment Group, is developing
the $2.5 billion project.
“The location is so unique,” says
Orowitz. “It’s the best submarket. It’s also
the best signage market in the country.
It’s the best live entertainment market if
you think about all of Broadway and the
theaters. It’s the best retail market as far
as foot traffic.”
The 43-story Doubletree hotel, although
currently at 97% occupancy, will be demol-
ished to construct a 669-foot, 700-room
hotel. LED lighting will be on the building
across the full 46-stories, along with an
18,000-square-foot wrap-around sign. A
75,000-square-foot leasable podium spanning 10 floors will provide an experiential
attraction with retail, 30,000 square feet of
food and beverage options, and a
10,000-square-foot terrace. L&L is also lifting the 105-year-old, 1,700-seat Palace
Theater 30 feet into the air. It’s restoring
the theater’s historic interiors adding modern technology.
With the neon and lights, TSX will be
sporting some serious Las Vegas bling.
Orowitz says there are lessons to be learned
from that city as over the last 20 years it has
moved from casino gambling and hotels to
a broader range of experiences attracting a
“When Las Vegas was built it was like
‘If you build it, they will come.’ The difference is with what we have, everyone is
already there. We just need to give them
the right thing to look at and do,” says
There has been a trend among hotels—
indeed among almost all real estate asset
classes—in recent years to move away from
commoditization and to providing experiences. This has resulted in the flourishing
of hotels in niche markets such as Queens
and Brooklyn, which now have become
destinations unto themselves.
BY BETSY KIM
Hotels have undergone an evolution in the past
ten years, embracing the idea that guests want
experiences, not commoditization where they stay.