The proposed improvements are a boon for pedestrians. Sidewalks will be widened from 8 to 14 feet and the TKTS traffic island at the north end of the square significantly widened. Passenger cars will be prohibited from using Broadway between 44^th and 47^th Streets, sidewalks will be widened between 41^st and 47^th Streets, truck deliveries will be limited to the hours of 10am to 4pm, and automobiles will be banned from making turns on several streets. All of which should decrease the pedestrian accident and fatality rates. Over a five-year period, there were 4,840 pedestrian accidents including 31 fatalities.

The city has announced the project will begin before the end of 2000, though no formal schedule has been determined. The Times Square will join Herald Square and Lower Manhattan / Wall Street as the third major pedestrian improvement project underway in Manhattan's Central Business District.