Macy's is planning to build an office tower above its flagship store at Herald Square as well as invest $235 million in the surrounding neighborhood. It plans to upgrade Herald Square's transit infrastructure and public realm into what it describes as "a modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators."

The retailer is working with local officials, Manhattan Community Board 5, the 34th Street Partnership and other community stakeholders on final designs.

These include turning Herald Square & Broadway Plaza into a car-free urban space with connections to public transportation and improvements to the Herald Square Subway Station. It also plans to build new transit entrances to the Herald Square Subway Station near Penn Station at Broadway and 34th Street.