Vornado Realty Trust has introduced a new proposal for the site of the former Hotel Pennsylvania at 15 Penn Plaza. The company now aims to develop an 80,000-square-foot multipurpose event space, a significant change from the originally planned 56-story, 2.7 million-square-foot office skyscraper that would have boasted 84,000 square feet of outdoor space.

The proposed “Penn Platform” would span half a block, bordered by Sixth and Seventh Avenues, and West 32nd and West 33rd Streets. It’s set to feature a striking 150-foot tall, 197-foot wide billboard over 10 stories high, extending from West 32nd to West 33rd Street and covering the entire backside of 100 West 33rd Street.

The renderings suggest that the Penn Platform could serve as a venue for New York Fashion Week or even host U.S. Open tennis matches, with enough outdoor space to accommodate four tennis courts.

While this project might not be a permanent addition to the Penn District, Vornado sees it as a “game changer” and an essential attraction, according to CEO Steven Roth during a recent earnings call. However, the initiative arises as the company searches for viable solutions amidst the challenging office leasing market, with its ambitious plans for 18 million square feet of development in the district facing obstacles.