One Times Square, the 118-year-old building that’s the site of the New Year’s Eve ball drop, is getting a makeover.

The building will undergo a $500 million transformation, which will include a new viewing deck, and museum, and visiting center Mayor Eric Adams announced on Friday in Times Square. 

The mayor said the project signals to the rest of the country that the city is open for business again.

“This is the center of the universe for America. And when the lights are on on Broadway in Times Square, the lights are on in America, and the comeback of America starts here in this square,” Adams said.

The inside of the 26-floor building, which has been mostly closed off from the public for decades, was once the home of the New York York Times.

The museum will chronicle that history of the building, as well as the evolution of its trademark New Year’s Eve celebration its played host to since 1907, the mayor said.

Jamestown, the real estate and investment management company which acquired the property in 1997, will finance the project. 

“Times Square has served as the crossroads of the world for more than a century, and One Times Square is at the center of that global stage,” said Michael Phillips, president of Jamestown. “The building’s next chapter will build on that legacy, creating a new destination in the heart of Times Square for the next generation.”

Renovations are expected to be completed by summer 2024, according to Jamestown.

In the meantime, both Jamestown and the Times Square Alliance say the project won’t interfere with the New Year’s Eve celebrations.