February 18, 2020
Macy’s Inc. faces what could be an uphill battle to develop a 1.5-million-square-foot office tower atop its venerable flagship store in Manhattan’s Herald Square. Bloomberg News reported that the recently-unveiled project would require zoning changes that have to be approved by the city, a potentially thorny political process.
“There are projects on individual buildings that have been going on for decades because of political issues,” Noah Kazis at NYU’s Furman Center told Bloomberg. “Whether you move relatively quickly or get dragged out for years and years and years—that’s the question about the politics of this project.”
Lining up political support could be key for Macy’s, which is looking to the Midtown office tower project to help address investor concerns, Bloomberg reported. The company’s shares plunged 43% in 2019 and it recently said it would close 125 stores, while also relocating its headquarters to Manhattan.
Rendering courtesy of FXCollaborative.
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