Jamestown Spending $500M to Bring the Metaverse Experience to Times Square

Jamestown is investing $500 million to redevelop One Times Square with virtual and augmented reality installations ina an attempt to recreate the Decentraland version.
Image source: timeout.com

Quick take:

  • Jamestown is investing $500 million to bring metaverse experiences to One Times Square.
  • Parts of the New York skyscraper will be redeveloped with virtual and augmented reality installations.
  • Jamestown is trying to create a mirror building to the metaverse version in Decentraland.

While brands have joined the race to create digital versions of their real-life products in the metaverse, Jamestown is taking the opposite route. After launching its metaverse campaign with an immersive version of One Times Square, it is now investing $500 million to bring the same experiences to the New York Skyscraper.

The redevelopment includes the creation of a new viewing platform and museum experience across six floors. Jamestown also plans to add a new subway entrance by the time the tower reopens in the summer of 2024.

Speaking to Commercial Observer, Jamestown President Michael Phillips said the redevelopment is designed as a blend of the metaverse experience with the real world, rather than trying to recreate the real world in the metaverse.

“We designed the metaverse and virtual experience, which we will now build on [the building]which I think is the really compelling piece of how physical real estate looks with the technology that is now available in the digital world.”

The concept sounds similar to what Disney plans for its metaverse experience. The global entertainment and recreation giant said earlier this year people won’t have to wear VR glasses to experience its metaverse. Instead, it will use proprietary technology that utilises mobile phone cameras to overlay augmented reality features in the real world. 

Jamestown plans to make One Times Square a magnet for brand advertising, including the interior parts of the property. This is a necessity considering the $500 million budgeted for the project.

In fact, users could also engage themselves in gaming activities once the redevelopment is completed, with Philips adding: “Inside the building, visitors viewing the space through virtual reality goggles will be able to see messages from various brands.”

“Once you are in the building, there will be a sequential series of events that relate to the history and different experiences of the brand as you travel through the building. It takes technology and harnesses it in an external and internal way in the physical space,” he said.

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