Duffy Square, the Times Square-area public space that is the traditional location of the TKTS discount theater tickets booth, has set an Oct. 16 ribbon-cutting date after almost 2½ years of delay-prone construction work.

The new TKTS booth will open the same afternoon. Since Duffy Square began renovations in May 2006, Theater Development Fund has operated TKTS windows in the nearby Marriott Marquis.

According to TDF, the new booth cost about $2 million to construct, with another $375,000 added on for interior essentials. Sum is part of the overall $18.5 million budget required to renovate the city park, whose notable new feature will be a large glass staircase (under which the TKTS booth will sit).

Since the inception of TKTS in 1973, booth sales of discounted, day-of tickets have provided valuable revenue for legit productions both on and off the Main Stem, particularly for less in-demand shows with ducats that would go unsold at full price.

Renovation of Duffy Square was originally skedded for completion in late 2006.