NEW YORK (CBSNewYork) – There’s no place like Times Square on New Year’s Eve, but in the part of the city that truly never sleeps a new building is expected to draw plenty of attention all year round.

“What I think is most exciting about the building is how it engages the square,” David Orowitz, the senior VP of L&L Holding said.

READ MORE: Nearly 200 People To Be Released From Rikers Friday After Gov. Hochul Signs 'Less Is More Act,' Calls N.Y.'s Incarceration Rate 'A Point Of Shame'

Located at the corner of 47th Street and Seventh Avenue, it will be called “TSX Broadway.” The plan is to take over the DoubleTree hotel, refurbish the Palace Theater, and then raise it all up above a part of the new building.

TSX Broadway (Credit: L&L Holding Company)

“We will demolish the tower down to the 16th floor and then lift the theater with 40 jacks, very slowly and carefully,” Orowitz explained.

Among the many features, TSX Broadway will have a luxury hotel, an interactive space for retail stores, and a massive LED sign.

“The entire building will be a sign, so we are going to build LED into the facade. Throughout Times Square you will be able to see messaging going up and down 580 feet,” Orowitz added.

The LED screen will be much more than just a space for advertising. A platform will pop out of the sign to form the area’s first permanent outdoor stage. The news already has plenty of tourists wanting to come back.

READ MORE: Dozens Protest For Climate Change Awareness Before UN General Assembly

TSX Broadway (Credit: L&L Holding Company)

“I am really looking forward to that because I want to experience the concerts and all the events,” Rozio Larobere of Argentina said.

All the extra people means one thing though – crowd control issues. It’s still unclear if the NYPD and area security will have to bump up their patrols, but the Time Square Alliance is anticipating TSX Broadway will be a success.

“Time Square has always been about entertainment, spectacle, and technology,” alliance president Tim Tompkins said.

Times Square in New York City. (Credit: CBS2)

“Whatever they do will be consistent with and sensitive to the needs of the theater district and Times Square.”

“It’s always too crowded in New York City, so you go with the flow,” one tourist said.

MORE NEWS: Body Cam Video Shows Aftermath Of Argument Between Gabby Petito, Fiancé Weeks Before Her Last Call To Family

Crews have already started to clear out the hotel and should begin demolition within weeks. The whole construction process is expected to be finished in early 2022.