A version of this article was previously posted on CNBC.
Construction is steadily underway on TSX Broadway located at 1568 Broadway, and the new project is promising to further illuminate the famed Times Square, with the biggest LED screen in Times Square, which basically spans the building.
TSX Broadway will feature a complete restoration to the historic theater, and above the theater will be a 47-story, 500,000 square foot mixed-use project including a 600-room boutique hotel, retail shopping, entertainment, food and beverage, massive outdoor LED marque signage, and a unique performance stage that opens over Times Square.
Already making a grand entrance on the corner of 47th street and Broadway and Seventh Avenue, the DoubleTree hotel closed its doors in February, indicating that construction is imminent.
David Orowitz, a senior vice-president at L&L Holding Company
, the developer for the project, commented that the building is essentially a giant LED screen in one of the most-visited places in the world, with over 380,000 pedestrians walking through each day. “The whole building is essentially a sign, and the side that is facing Times Square is a single sign comprised of LEDs into the building itself, that runs up the entire 46-story building”, Orowitz said in a statement to CNBC.
The TSX Broadway team has hired Andrew Essex, a former advertising executive and CEO of the Tribeca Film Festival, to negotiate an advertising deal with a potential client to advertise on the massive screen. The negotiations will include naming rights to the building, as well as the retail and entertainment spaces in addition to the billboards.
In a phone call with CNBC, Essex explained his vision, “it’s part Super Bowl, part experiential mega arena, part center of commerce, part social network,” he said. In the age of instant gratification, Essex continued that “events must become more eventful, otherwise people stay home and watch Netflix, so what does it take to get people out of the house today?” though he did not comment on any potential clients.
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Naming rights for TSX Broadway is different because this will likely include retail and performance spaces. Essex commented on the options potential clients can take advantage of, “The entire superstructure, the retail space is fungible. So could one have an esports arena? Can the stage be indoor (and) outdoor? Can you broadcast or stream directly? There’s quite literally no limit to what’s possible, because nothing I already purpose-built,” he commented.
Mike Jackson, principal of consulting firm 2020 Marketing
, and CEO of Motus One
, explained his strategy around securing multiple advertising partners. “I could see them trying to get partners like Apple or Amazon or one of the telecoms to really maintain a huge presence…as things like 5G (high-speed mobile communications) come on board to deliver the integration of the retail space with the advertising platform, as well as the ability to use that broadcast venue in the theater,” he commented to CNBC.
Jackson continued, “If I’m…Apple I don’t want just to buy signage or sponsorship. I literally have to think long term, because I’ve got to believe that building is going to have a huge innovative presence for the next 20 to 25 years,” he concluded.
TSX Broadway is a U.S. Immigration Fund Project.