Mayor of New York City Eric Adams’ suggestion might release more space along Fifth Avenue, Manhattan’s costly shopping district.
According to Gothamist, Adams launched a “huge new visioning effort” to make Fifth Avenue between Bryant Park and Central Park more walker-friendly.
The idea for the area between roughly 42nd and 59th streets was hailed by the mayor as an “unmissable opportunity” to “help develop dynamic core business districts.”
The declaration followed the Open Street holiday program, which each Sunday allowed pedestrians to use a portion of the avenue.
The District’s Annual Rent Increased By 14%
The top spot on Cushman & Wakefield’s ranking of the most expensive retail districts in the world was recently recaptured by the upper section of the Fifth Avenue corridor, from 49th Street to 60th Street.
The district’s average annual rent increased by 14% from pre-pandemic levels to $2,000 per square foot.
At the height of the pandemic, rents in prime retail areas around the world decreased by a combined 13 percent and are still 6 percent below pre-pandemic levels.
What Includes In Adams Plan?
Expanding green space, planting trees, improving lighting, boosting pedestrian space, strengthening traffic safety, and giving priority to sustainable and mass transit choices are some of Adams’ stated goals that were made public with the plan.
As a member of the steering group for the vision plan, community leaders will contribute.
When The Redesigning Will Start?
The redesign of Fifth Avenue will begin early next year thanks to a design firm that will be hired by the city’s Economic Development Corporation and Department of Transportation.
The two-year building schedule is anticipated.
