NEW YORK — New York City’s proposed $500-million building project for a Rotunda station is already in the planning stages.
Mayor Bill de Blasio announced on Tuesday that the building is in the final stages of design and could be completed as early as the end of the year.
The $450 million project, called “The Ritz,” is meant to be the centerpiece of a $1.2 billion overhaul of the building at the city’s Times Square, which is currently undergoing extensive remodeling.
The project is expected to create more than 2,000 new jobs and would be financed by $130 million from the city and $150 million from a local investment company.
New Yorkers will get to take part in the redesign of the Times Square space by visiting the Ritz and learning about the plans for the new building.
De Blasio has made the rotunda station a centerpiece of his mayoral campaign, and the mayor and his administration are trying to attract new residents to the area.
In addition to the project, there are also plans to bring more retail to the space and expand its use beyond entertainment to serve residents who may have to leave their apartments in Times Square due to the construction of a new subway station.