Is the Shubert Organization planning to build Broadway's first brand-new theater since 1986? So says The New York Post.

The renowned theatrical impresarios are apparently working on the creation of a 1,500-seat, state-of-the-art theater in the lot between the Imperial Theatre and Frankie & Johnnie's Steakhouse between West 45th and 46th Streets. The lot, currently home to a series of souvenir shops aimed at the Times Square tourist market, housed the uptown production of Natasha, Pierre and the Great Comet of 1812 in 2013, as well as Spiegelworld's tent show Empire in 2012. Before that, it was the home of noted theater district eat-and-drink-eries including Barrymore's, Sam's, Puleo's Restaurant, and Puleo's II.

The Post reports that the cost will be $150 million. This will be the first completely new Broadway theater built since the Marquis was created in 1986 (the recently constructed Stephen Sondheim Theatre on 43rd Street kept the old facade of Henry Miller's Theatre, though built a new interior). The Shuberts' most recent build was off-Broadway's Little Shubert Theatre in 2002.