NEW YORK CITY – L&L Holding Company, Maefield Development and Fortress Investment Group have begun the demolition of the former DoubleTree Hotel at the corner of 47th Street and Broadway to clear the way for their new 550,000-square-foot, 46-story hotel located at 1568 Broadway called TSX Broadway.

The demolition includes a technique that requires hardening the existing 29-year-old building’s elevator shafts to create debris chutes to allow for easy removal of the structure. Materials will funnel down the chutes from the tallest floor until it is completely cleared.

TSX Broadway has a view over Times Square’s iconic TKTS ‘Red Steps.’ Its ground-floor retail space will span 75,000 square feet across ten floors to accommodate 15 million guests annually, and a 30,000-square-foot dining destination that will include a 10,000-square-foot terrace overlooking Times Square.

The properties’ 669 rooms of the new hotel will feature direct views of Times Square, including 30 ‘Ball Drop Suites’ for the festivities of New Year’s Eve.