TSX Broadway at 1568 Broadway/ Project rendering, image credit: courtesy of L&L Holding Company

NEW YORK CITY —The show business of real estate will be right at home in the heart of Times Square. In some locations such as Times Square, the Strip in Las Vegas and the Ginza District in Tokyo, real estate has a distinctive use for not only experiential interior functions but also building exteriors that act as unique platforms for advertising and marketing.

L&L Holding Company, Maefield Development and Fortress Investment Group plan to bring this to a whole new level. Literally. Their new project will include a permanent, outdoor stage suspended 30 feet in the air overlooking the TKTS red steps. Plus, the building façade will be equipped with LED-lighting across its full 46-stories, and an 18,000 square-foot wraparound sign.

Construction of this massive hotel, tech retail and theatre development and signage, called TSX Broadway, begins late this winter. The $2.5 billion cost includes the $540 million purchase of the 43-story Doubletree Guest Suites from Sunstone Hotel in December 2015, noted in Real Capital Analytics. The new owners will demolish the hotel that's at 1568 Broadway to build a new 550,000 square-foot, 46-story tower.