Gap (NYSE:GPS) is taking over the former Toys R Us flagship in Times Square in what will be a shared space with sister banner Old Navy.
Toys R Us shuttered the store in 2015, and the 160,000-sq.-ft. space is currently being gutted and reconfigured for the new tenants.
There are few details about the new stores, but a Gap spokesperson told The Wall Street Journal that the size of the space appealed in that it could house two of the company's flagship brands.
Construction is estimated to cost tens of millions of dollars and is expected to be complete by early 2017, according to the report.
But currently it's a massive construction project in the middle of Times Square as the last vestiges of the massive Toys R Us flagship, including the 65-ft. Ferris wheel and a giant animatronic dinosaur have been scrapped.
Toys R Us this week hinted at a return to New York City, albeit with a much smaller store.
- see this Wall Street Journal story (tiered subscription)
It's Old Navy for the win
Gap's free fall continues
Gap names Syngal to lead Old Navy