Macy's vision for making Herald Square more pedestrian friendly.

Macy’s Inc. has renewed its commitment to its Herald Square flagship with $235 million of private investment in the surrounding neighborhood.

The retailer’s plan would upgrade Herald Square’s transit infrastructure and public realm into a “modern, pedestrian-friendly urban space with upgraded subway access, improved transit connections and ADA-accessible elevators. To achieve these upgrades, Macy’s will leverage its underlying Herald Square real estate to build a commercial office tower above its iconic flagship store,” the company said Monday.

The retailer previously revealed that a tower would be built above its flagship, though the neighborhood plans were disclosed Monday.

Macy’s said the plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output.

“Macy’s Herald Square is one of New York City’s most iconic institutions, and, as we plan for the future, we are doubling down on our commitment to New York by reinvesting in our flagship location while committing $235 million in private investment to upgrade the Herald Square neighborhood through our tower project,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc. “We are proud to make this leadership investment in New York’s recovery and are excited to welcome visitors back to Herald Square not only today, but for generations to come.”

Macy’s flagship has been open since 1902 and has undergone numerous renovations and expansions.

The Herald Square project would upgrade and make temporary plaza improvements permanent, dedicate areas for pedestrians that address accessibility and ADA-specific issues, and ease overcrowding and congestion to create a safer, more inviting open space, Macy’s said.

Among the major changes planned are creating a car-free pedestrian-friendly urban space; improvements to the Herald Square subway station, and easier pedestrian access at Broadway and 34th Street, while creating efficient, new transit entrances to the Herald Square subway near Penn Station.

“Macy’s on 34th Street is a cornerstone of Herald Square and has been a vital leader in our push for the neighborhood to realize its full potential for pedestrians, transit users and visitors alike,” said Dan Biederman, president of the 34th Street Partnership. “Macy’s commitment of $235 million to upgrade the public realm reflects our vision for the area and is a bold and timely vote of confidence in the future of Herald Square, our city and Macy’s ongoing presence here.”

“Macy’s investment in the Herald Square neighborhood, one of New York City’s most heavily trafficked and visited destinations, is a real marker that the city is set to come roaring back,” said Melva M. Miller, CEO of the Association for a Better New York. “As an institution with a century-long track record in New York, we commend Macy’s for not only paving a way forward but also for being a great community steward and helping make the Herald Square experience more enjoyable for locals and tourists alike by enhancing the area and offering much-needed transit improvements.”

Macy’s Herald Square will remain open throughout the project’s timeline, which will go through the city’s Uniform Land Use Review Procedure process.

Rendering of planned towers atop Macy’s Herald Square.