Freedom Plaza Casino License Update: Amended Bid to Commit Over 1K Affordable Housing Units

Freedom Plaza is pledging over 1K affordable housing units
The casino bid targets Manhattan’s Midtown East
The $11B project is a collaboration between Soloviev Group and Mohegan

Freedom Plaza, part of a more than $11 billion bid for a casino license in New York, has revised its proposal significantly to include a larger number of affordable housing units for the community.

Freedom Plaza New York City casino — A rendering of Freedom Plaza, the two skyscrapers and development just to the left of the United Nations Headquarters, is pictured looking south from across the East River in New York City. Freedom Plaza is committed to bringing over 1K affordable housing units to Manhattan in exchange for a casino license.

As the Community Advisory Committee (CAC) votes on this much-anticipated casino resort in Manhattan’s Midtown East, Soloviev Group and Mohegan are promoting the inclusion of rent-controlled housing units that this development aims to provide for New York City’s residents.

Freedom Plaza plans to build 1,080 residential units on-site for the casino, which is to occupy five acres of undeveloped land between 38th and 41st Streets along FDR Drive and 1st Ave. Initially, the developers announced that a minimum of 500 units would be classed as “permanently affordable.” This figure has now been increased to at least 600 affordable units, with a latest commitment that all units will be covered under New York’s Mandatory Inclusionary Housing programme.

“We are ready to respond to the urgent call from our elected officials that New York City needs affordable housing. The heartfelt testimony from local residents, especially the younger demographic, and the constructive feedback from community leaders have reinforced this crucial decision,” stated Michael Hershman, CEO of Soloviev Group. “We believe possessing a gaming licence is a privilege and an opportunity to unleash its full economic potential to deliver significant social and community benefits that may not have been possible otherwise.”

“Housing is the foundation of stability. This initiative reflects our steadfast investment in the future of New York,” added Mohegan’s CEO, Ray Pineault.

CAC Vote

The CAC will cast their votes tomorrow on whether to approve the progression of Freedom Plaza’s proposal. If a three-fifths majority, that is, four out of the six committee members vote in favour, this will be the first casino bid accepted by the New York Gaming Facility Location Board (GFLB). The GFLB is expected to allocate three casino licenses by early December, considering only those proposals that have garnered CAC backing.

Recent CAC votes seem to have favoured Freedom Plaza, especially after votes against bids from Caesars Palace Times Square and The Avenir near the Javits Center. Consequently, Freedom Plaza stands as the only remaining casino bid in Manhattan.

Freedom Plaza Features

Freedom Plaza is poised to include two luxury hotels equipped with 1,251 rooms. The plans also indicate over 30 dining establishments, approximately 55,745 square feet of convention and entertainment space, near 31,000 square feet for retail shopping, a childcare facility, and over 4.77 acres of landscaped public park areas scattered throughout the property.

Details regarding the number of slot machines and table games remain undisclosed, although it has been confirmed that the casino floor will measure nearly 300,000 square feet, positioning it among the largest casinos in the United States.

Upon completion, Freedom Plaza anticipates creating around 25,875 construction jobs and 13,403 permanent positions. Soloviev Group and Mohegan have pledged to ensure that both construction and operational roles are unionised.

In summary, Freedom Plaza aims not only to bring gaming entertainment to Manhattan but also promises a significant positive impact on affordable housing within New York. The upcoming Community Advisory Committee vote is pivotal, determining whether this ambitious project moves forward.