In an effort to keep Manhattan’s Midtown district a center of business, zoning rules have been modified to allow taller skyscrapers to be built. The rezoning policies, which were approved in August of 2017, were put in place to spur private development while also securing more funds for public infrastructure improvements.
One of the first new buildings that will be put up is a new JPMorgan Chase headquarters.
The company headquarters is situated on Park Avenue, between 47th and 48th Streets. It’s already a significant structure at 52 stories high. However, it was built in 1961 and is showing its age. It was originally intended to be sufficient for 3,500 employees. There are currently about 6,000 employees fighting for limited space. The building has undergone several renovations, but Chase executives felt that a complete rebuild would be necessary.
The new tower will have 70 stories, which translates to approximately 500 additional feet of height. It also gives the company one million more square feet of usable office space. That will give them the ability to house 15,000 workers.
In order to create this new center of banking and finance, the existing building will have to be demolished. That project is set to commence in the early part of 2019. Construction will then be underway, and that’s expected to take about five years. Starting from the ground up means that Chase will be able to easily incorporate modern and efficient features.
This may be just the start of a redevelopment of the densely populated neighborhood. City officials hope that everyone in the area will benefit from the economic boost associated with Chase’s expansion.