The renovation of the Bow Tie Building in Times Square is well underway, and includes an “extremely complex core-and-shell renovation and structural redevelopment,” noted construction manager Richter + Ratner in its update report.

The building, which formerly served as the flagship of Toys ‘R’ Us flagship store, is being renovated to house the flagships of Gap and Old Navy. The interior, core work included removing massive steel structures (a 65-foot ferris wheel and a 25-foot dinosaur) that will make room for the two new flagships — each to occupy 31,000 square feet. The retailer is expected to occupy the two stores sometime next year.

Marc Heiman, chief executive officer and president of Richter + Ratner, said the “multimillion-dollar renovation of the 160,000-square-foot structure began in February 2016 and will continue through early 2017. It will create 25,000 square feet of additional floor space for new retail tenants by infilling the atrium space of the former Toys ‘R’ Us flagship store.”

The construction manager said the new retail tenants “will build interiors of their stores once the structural redevelopment by R+R is completed. Additional retail tenants will occupy the remainder of the building.” The architect on the project is Carlton Architecture and the mechanical engineer is Jack Green Associates. Structural engineer on the renovation is GMS Engineering.

Richter + Ratner vice president David Brown said in the report that the “work includes the demolition of existing interiors, removal of the curtain wall and facade, and the construction of new floors and selected shared interiors. The structure will remain three stories and a basement level, but the first and third stories will be moved to different elevations.”

The construction manager noted that the new floors will feature steel decking and “poured-in-place” concrete. The building renovation includes adding two passenger elevators and three new escalators. Three existing freight elevators will be refurbished, and new heating, ventilation and air conditioning equipment will be installed on the building’s roof.

The Bow Tie Building is a three-story structure that was constructed in 1936 and is located at 1514 Broadway at 44th Street. It is estimated that over 50,000 pedestrians pass by the building each day.

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