Just what Times Square needs in another mall. Stillman Development International and their partner South Korean financial firm Daishin Securities Co is turning the historic Times Square Theater at 217 West 42nd Street into a retail complex. They claim they aim to preserve the historic details of the theater while updating it to fit modern commercial trends, according to a press release. The Beyer Binder Belle restoration features two terraces on the theater’s third and fourth floors, the original historic columns, 20-foot ceilings and a facade heavy on glass to draw shoppers in from the street.
“We have an enormous responsibility to reinvent an architectural masterpiece and return it to its splendor,” Roy Stillman, president of Stillman Development International, said in a statement. “We take great pride in working alongside a myriad of talent to achieve our vision to make the Times Square Theater a vibrant destination. We have assembled an incredible team of artisans and are honored to be a part of the renaissance of the 42nd Street corridor.”
The development firm was granted a 100-year sublease for the site by nonprofit organization The New 42nd Street, according to a press release. The nonprofit will be responsible for preserving the building’s historic façade and interior fabric. Brokerage firm Colliers is handling the leasing for the 43,165-square-foot commercial complex.
The Times Square Theater was originally constructed in 1920 and designed by architect Eugene De Rosa. It was one of three theaters on 42nd Street built by the. In the 1930s the theater was converted into a movie theater and operated as such until it was taken over by the city in the 90s.
During construction the theater’s facade will be raised by almost five feet and the theater’s historic plaster elements will be restored off-site. No completion date has been set.