8-26-16

14C — August 26 - September 15, 2016 — ICSC PA/NJ/DE Conference & Deal Making — Shopping Centers — M id A tlantic

Real Estate Journal

www.marejournal.com

S hopping C enters

EW YORK, NY – Richter + Ratner (R+R) is serving as Renovation of 160,000 s/f structure will create 25,000 s/f of additional floor space Richter + Ratner continues renovation and redevelopment of the iconic Bow Tie Building N

ary 2016 and will continue through early 2017. It will create 25,000 s/f of additional floor space for new retail ten- ants by infilling the atrium space of the former Toys ‘R’ Us flagship store.” The new anchor tenants, Gap and Old Navy, will each occupy 31,000 s/f. Both brands will build interiors of their stores once the structural redevelopment by R+R is com- pleted. Additional retail ten- ants will occupy the remainder of the building. The three-story structure, built in 1936 and located at 1514 Broadway between 44th

and 45th Streets, is named for the shape of Times Square made by the crossing of Broad- way and Seventh Ave. Fam- ily real estate company Bow Tie Partners has owned the building since 1977. The structure was most recently home to the flagship Toys ‘R’ Us store, which billed itself as the world’s largest toy store and was famous for its through-the-floor 65-foot-high Ferris wheel and 25-foot-high animatronic T. Rex dinosaur. Toys ‘R’ Us occupied the build- ing from 2001 through the end of 2015. The project’s architect is Carlton Architecture , the MEP engineer is Jack Green Associates , and the structural engineer is GMS Engineering . “The work includes the de- molition of existing interiors, removal of the curtain wall and façade, and the construc- tion of new floors and selected shared interiors,” said R+R vice president David Brown . “The structure will remain three stories and a basement level, but the first and third stories will be moved to dif- ferent elevations,” he added. The floors currently all have large openings to accommo- date the Ferris wheel and dinosaur. These openings will be closed to create additional retail space. The scope of work also includes temporary and permanent structural brac- ing and temporary shoring as construction proceeds. The original building fea- tures a structural-steel frame design. The team will reuse the structural frame and re- vise and reinforce it in selected sections. The structural steel, demolition, and concrete work represents more than half of the construction cost, with the steel package valued in excess of $12 million alone. “This is an extraordinarily complex project due to the extremely busy location, the structural-steel frame revi- sions, the coordination with multiple city agencies, the very restrictive site access, and the elaborate safety pre- cautions needed due to heavy Times Square traffic. Further, large equipment is brought into the site only at night, as cranes cannot operate during the day and are removed from the area upon completion of each night’s work,” said R+R project superintendent Eric Weissman, LEED AP . n

construction manager for the extremely complex core-and- shell renovation and struc- tural redevelopment of the iconic Bow Tie Building in Times Square. In 2001, the company served as construc- tion manager for the former Toys ‘R’ Store, which was located in the property until recently. According to R+R CEO and president Marc Heiman , “The multi-million-dollar renovation f the 160,000 s/f structure began in Febru-

RE_ad_version1.qxp 11/2/2005 11:54 AM Page 1

Bow Tie Building interior renovation

Looking for sites in PA & S. NJ End Cap, In-line, Free Standing Flexible Space Requirements Seeking Retail Opportunities Consistently Ranked #1 Franchise - 50+ Y ear T rack Record

Non-Traditional Venues - Hospitals/Colleges Universities/B&I/Stadiums/Casinos/Airports

Eastern PA — Local Contacts: Philadelphia PA & Southern NJ —

610-366-8120 x 24, Cheryl Green green_c@sdepa.com 410-752-6760 x1230, Rawley Shelton rshelton@sandumanagement.com

realestate.subway.com www.subway.com

facebook.com/SDEPA1

Made with FlippingBook flipbook maker