What's Happening?
Corner Table Restaurants has signed a 17,000 square-foot lease to establish a new restaurant complex at 582 Seventh Ave., the former site of Red Lobster in Times Square. This new development will feature a fifth location of the American brasserie, The
Smith, and a slice-shop outpost of Parla, Corner Table’s Upper West Side pizza brand. The two-level space will house both eateries under one roof for the first time, with a combined seating capacity of 300. The complex is slated to open in early 2028. This move is part of a broader transformation of the tower, formerly known as 5 Times Square, which developer RXR is converting from office spaces into as many as 1,250 rental apartments. The area, referred to as 42BELOW (roughly bounded by West 30th and West 42nd streets between Sixth and Eighth avenues), has seen a significant 15.3% growth in food and beverage storefronts over the past two years, indicating a burgeoning culinary scene.
Why It's Important?
The arrival of The Smith and Parla in Times Square signifies a notable shift in the culinary landscape and urban development of a key New York City district. The conversion of 5 Times Square from offices to residential units, coupled with the introduction of new dining options, reflects a broader trend of revitalizing urban centers and adapting commercial spaces to meet evolving consumer demands. This development will create new jobs in the hospitality sector and contribute to the economic vibrancy of the 42BELOW area. For residents of the new apartments and visitors to Times Square, it will offer diverse dining experiences, potentially enhancing the appeal of the neighborhood as a live-work-play destination. The investment by Corner Table Restaurants and RXR underscores confidence in the long-term growth and transformation of this iconic part of New York City, moving beyond its traditional tourist-centric image to a more integrated urban environment.
What's Next?
The new restaurant complex, featuring The Smith and Parla, is scheduled to open in early 2028. In the interim, developer RXR will continue its conversion of the former 5 Times Square office tower into residential apartments. The ongoing growth of food and beverage establishments in the 42BELOW district suggests that more culinary and retail developments may follow, further solidifying the area's reputation as a vibrant neighborhood. Major stakeholders, including local businesses, residents, and the city government, will likely monitor the impact of these changes on the community, including traffic, pedestrian flow, and overall economic activity. The success of this project could serve as a model for future urban redevelopment initiatives in other major U.S. cities, particularly those looking to repurpose commercial real estate and enhance local amenities.
Beyond the Headlines
This development highlights a deeper trend in urban planning and real estate: the adaptive reuse of commercial properties in response to changing economic and social dynamics. The shift from office spaces to residential units, complemented by new dining and retail options, reflects a post-pandemic understanding of urban living, where mixed-use developments are increasingly favored. This transformation could lead to a more dynamic and resilient urban core, reducing reliance on single-purpose districts. Ethically, it raises questions about equitable development and ensuring that new amenities benefit all segments of the population, not just new residents or tourists. Culturally, the introduction of established local brands like The Smith and Parla into a high-profile area like Times Square could help to diversify its offerings, moving beyond generic chains and fostering a more authentic New York experience.
