Fifth Avenue is to undergo a major transformation. Mayor Eric Adams has confirmed that New York City’s iconic shopping street is to receive an investment totalling 400 million dollars to fund plans to pedestrianise the boulevard.
While an initial 152.7 million dollar investment had first been announced in December under the Future of Fifth Partnership's plan, Adams has now provided an additional 250 million dollars in new investments.
The redesign aims to serve the approximately 5,500 pedestrians an hour that walk down the street on an average weekday by expanding sidewalks by 46 percent, shortening pedestrian crossings by a third and reducing the number of traffic lanes from five to three. More than 230 new trees will also be added alongside 20,000 square feet of planters, new seating and activation space.
The project will be the first redesign of the street, which runs between Bryant Park and Central Park, in its 200-year history. It is expected that the overhaul will “pay for itself in less than five years through increased property and sales tax revenue”, a press release via Mayor Adams’ site stated. It is slated for completion by summer 2025.
In a statement, Adams said through the funding, “we are finally making what has been called ‘America’s Street of Dreams’ a pedestrian paradise by making it more walkable, greener and safer”. As such, the city is looking to “reclaim space for New Yorkers, their families, and tourists, and cement Fifth Avenue’s status as an economic engine and job creator for all five boroughs”.
According to the press release, Fifth Avenue has been a “major driver of economic growth for New York City” and is responsible for 111.5 billion dollars in total economic output each year. Its transformation is part of Adam’s Future of Fifth public-private partnership, which was launched in 2023 by city agencies.