The Fifth Avenue will experience a comprehensive redesign. Mayor Eric Adams has confirmed that the famous New York City shopping street should receive an investment of a total of $ 400 million in order to finance the plans for the conversion of the boulevard into a less driven and more pedestrian: interior-friendly street.
A first investment of $ 152.7 million was announced in December as part of the Future of Fifth Partnership’s plan. Adams has now provided additional investments of $ 250 million.
The redesign aims to do justice to the approximately 5,500 pedestrians: inside an hour that walk down the street on an average day of the week. The sidewalks are to be widened by 46 percent, the pedestrian crossing is reduced by a third and the number of lanes reduced from five to three. More than 230 new trees and 1,858 square meters of planting areas, new seating and action areas are also added.
The project will be the first redesign of the street in its 200-year history, which runs between Bryant Park and Central Park. It is expected that the overhaul “will pay for itself in less than five years through increased basic and sales tax revenue”, as stated in a press release on the mayor’s website. Completion is planned for summer 2025.
The city wants to “regain the” areas for New Yorkers: inside, their families and tourists: back inside and consolidate the status of the Fifth Avenue as an economic engine and job worker for all five districts, “said Adams.
According to the press release, the Fifth Avenue is an “important engine for the economic growth of New York City” and a total economic production volume of $ 111.5 billion a year. Her transformation is part of Adams’ public-private partnership Future of Fifth, which was launched by urban authorities in 2023.
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