04/13/2010 05:12 am ET Updated May 25, 2011

Times Square Aquarium Planned By Jerry Shefsky, Toronto Developer

As if the area didn't already attract a sea of tourists, a Toronto-based developer wants to turn a Times Square building into an $100 million aquarium.

According to the Wall Street Journal, Jerry Shefsky has signed a preliminary agreement with 11 Times Square to build a seven-story home for penguins, stingrays, otters, and a bevy of other sea creatures.

Writes the Journal:

Mr. Shefsky, 76 years old, has built aquariums and shopping centers around the world. He cautioned in an interview that the lease agreement for 11 Times Square isn't yet final. But he said he may start building out the space as early as this April with the hope of opening the aquarium in September 2011.

Fittingly, the landlords of the building are also in negotiations to rent space to the legal sharks at Proskauer Rose LLP.