Macyâs Outlines Ambitious Plan for Herald Square Last Updated This briefing has ended. Follow our latest coverage of Hereâs what you need to know: Macyâs wants to build an office tower atop its Herald Square location.Credit...FXCollaborative Macyâs is proposing the construction of a commercial office tower on top of its flagship Herald Square store in New York as part of a broader redevelopment plan that would aim to improve the surrounding area and its subway stations. The retailer said in a statement on Monday that it would commit $235 million to help improve the Herald Square subway stations and to âtransform Herald Square and Broadway Plaza into a modern, car-free pedestrian-friendly urban space for New Yorkers and visitors,â according to a website it created for the proposed project.