Times Square is about to get a new 46-story tower that is basically a giant LED billboard

Contractors have started work on a project that will light up New York‘s Times Square even more.

TSX Broadway, as it is known, will be a “branded beacon,” 46 floors of retail, entertainment and accommodation. The building, on the corner of 47th Street at Broadway and Seventh Avenue, currently houses a DoubleTree Hilton hotel and the landmark Palace Theatre, which will be restored and lifted 30 feet to accommodate an experiential retail outlet.

Upper floors will have a performance stage over Times Square, a restaurant with large terrace and a hotel with more than 600 rooms.

According to David Orowitz, a senior vice-president at developer L&L Holding Company, the entire building will be like a giant advertisement for one of the most-visited places in the world, with around .

“The whole building is essentially (an advertising) sign, and the side that is facing Times Square is a single sign comprised of LEDs into the building itself that runs up the entire 46-story building,” he said in an email to CNBC.

Now that preparation for the demolition of the hotel is under way, executives are at work finding an advertiser that will help it recoup some of the $2.5 billion it has raised for the new building, set to open in early 2022. And it has hired Andrew Essex, a former ad exec and CEO of the Tribeca Film Festival, to negotiate a deal with a single customer to advertise on the behemoth, including the naming rights to the building, the retail and entertainment spaces and the billboards.