As BroadwayWorld previously reported, plans are underway for a renovation of the property that is home to the iconic Palace Theatre, and according to Crains, New York City Council just approved Maefield Development's proposal.

Maefield said in a statement: "We thank the Council and their subcommittees for the final approval of the text change. We also want to thank all our partners and stakeholders that helped us create a thoughtful redevelopment plan that honors Times Square's history and contributes to its legacy."

The $2.4 billion renovation will elevate The Palace Theatre 29 feet above the ground, creating a downstairs space covering 10,000 square feet. The renovation will also include the expansion of the Doubletree Hotel located within the property, and the addition of retail space and LED signage.

The renovation of 1568 Broadway has been in the works since 2016 when New York City approved the plan to raise the historic theatre.

The Palace Theatre is currently home to the splashy hit, Spongebob Squarepants. There has been no word yet as to how the renovation could affect the production.

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