THIS ALSO JUST IN: Another reason why SpongeBob Broadway is set to close is because the Palace Theater is about to get a full renovation.

The idea by Maefield Development and approved by New York City Council is expecting to cost $2.4 billion renovation. The plan is to raise the Palace Theatre about 29 feet above the ground, creating a downstairs space covering 10,000 square feet. It will also expand the Doubletree Hotel (located right next door) and the addition of retail space and more LED signage.

Thoughts?

New York City Council Approves Plans to Raise the Palace Theatre

As BroadwayWorld previously reported, plans are underway for a renovation of the property that is home to the iconic Palace Theatre, and according to Crains, New York City Council just approved Maefield Development’s proposal.

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