In a bold move to win approval for its proposed casino near the United Nations headquarters in Manhattan, the Soloviev Group has unveiled a groundbreaking plan that combines a state-of-the-art casino complex with a significant affordable housing initiative. 

Soloviev Group Adds Affordable Housing Units at Below-Market Rates

The developer, Stefan Soloviev, heir to the Solow real estate fortune, has announced a revamped proposal that includes more than 500 affordable housing units to be offered permanently below market-rate rents, catering to the city’s growing housing crisis, reported The New York Times.

The Soloviev Group’s innovative approach comes at a time when the competition for New York’s coveted casino licenses is fiercer than ever. The revised plan for the 6.7-acre site, now known as Freedom Plaza, no longer features the previously proposed Ferris wheel. Instead, the project comprises two elegant champagne-colored hotel towers offering a total of 1,200 rooms, a residential complex, a democracy museum, and a sprawling 4.7-acre green space open to the public.

What sets this proposal apart is its commitment to addressing New York City’s pressing housing needs. Of the 1,325 units planned, 513 would be designated for affordable housing programs, with renters qualifying if they make an average of 80% or less than the area’s median income. These units would be rented permanently below the market rates, providing much-needed relief to the city’s housing crisis.

Soloviev Group’s Casino Project Leverages Affordable Housing for Local Support

According to Michael Hershman, CEO of the Soloviev Group, the affordable housing component is directly tied to the casino project’s economic viability. He explained that the inclusion of a casino on the property enables the company to offer these affordable housing units in a prime midtown location. Without the casino, this offer would be rescinded.

This strategic move aims to win local support, which is pivotal in securing one of the three downstate gaming licenses New York state officials will issue next year. The Soloviev Group’s partnership with Mohegan, the gaming unit of the Mohegan Tribe in Connecticut, further emphasizes the project’s credibility and potential benefits to the community.

To further engage with the community, the Soloviev Group has commissioned a public art installation on the property. Renowned artist Bruno Munro will create a captivating display featuring over 17,000 low-light, fiber-optic stemmed spheres, framing a painted landscape against the backdrop of the city’s iconic skyline and the East River waterfront. The Soloviev Group’s proposal is one of several in a competitive bidding pool. Among the competitors is 92-year-old billionaire Larry Silverstein, who has also integrated affordable housing into his Midtown casino plan, emphasizing the social and economic benefits of such initiatives.

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The development body Soloviev Group announced on Tuesday that it will partner with Mohegan to bid for the casino license that is up for grabs in New York.

Last year, New York notified the general public that it would grant licenses to operators for three downstate casinos. So far, a handful of interested gambling operators have submitted applications, waiting for a review and feedback.

READ: Billionaire Stefan Soloviev joins New York casino bid

Commenting on the new alliance, the Chief Executive Officer and President of Mohegan, Ray Pineault, said his company is fit for this project because its customer service is top notch and its dedication to the community is next to none. He assured the general public that Mohegan will bring more value to New York and looks forward to being selected in the bid.

“Mohegan is known for the wide array of extraordinary experiences and exceptional service we provide our guests – but it is truly our culture, values and commitment to our community that set us apart as an organisation,” said Pineault.

“Our rich Mohegan heritage provides the foundation for how we operate our business and guides our commitment to our employees, our approach to guest services and our relationship with partners and the communities in which we operate and serve. We look forward to infusing our ‘Spirit of Aquai’, our guiding philosophy, into New York State.”

The Soloviev Group Chairman, Stefan Soloviev, also commented that, as a “socially responsible development group”, his firm will work in unity with Mohegan to achieve its desired goals and ensure that their partnership will cause positive change and development for the gaming industry and New York at large.

“As a leader in socially responsible development, we will honour, complement and advance Mohegan’s principles through sustainable and carbon-neutral property development,” Soloviev said.

“This strategic partnership will not only ensure that Freedom Plaza will be ethically developed, but provide long-term economic prosperity for the local community, a positive impression on regional and international tourism, and a lasting impact on New York City for generations to come.”

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Mohegan Gaming isn’t specifically named in the PDF brochure, only a reference to an “opportunity to partner with a casino partner who shares our vision, commitment to excellence and who is best suited to operate such a groundbreaking endeavor for the City of New York.”

However, according to an article in the New York Times, Mohegan Gaming is partnering with the long-time owner of nearly 7 acres in Midtown, New York to build and operate a casino to be built underground with a park and giant Ferris wheel on top. Amenities would include a hotel, residential and retail areas, and four acres of green space, which group founder Stefan Quinn Soloviev has dubbed Freedom Plaza.

Manhattan Waterfront Underground Casino

Soloviev purchased the 6.5-acre waterfront plot from Consolidated Edison in 2000 for $600 million.

The location is near the United Nations Headquarters in New York City. The plot of land is the largest contiguous piece of undeveloped property in Manhattan. Approvals have already purportedly been given for 2.75M sq ft of mixed use development. The company has owned the plot “shovel-ready” for over 15 years, waiting for the right opportunity to present itself.

The company mentions that the East River Entertainment District addition would extend the current East River Waterfront Renewal project, adding to the existing waterfront parks, bike lanes, pedestrian seating, and basketball courts along the two-mile-long Esplanade.

Soloviev Group CEO, Michael Hershman said that the project was “beyond a casino”.

As currently imagined, the project would feature a raised podium & public park with retail and amenities. The company explained that a layered plan would maximize the available space while cutting down on towers, and would result in more open space for the community.

Illustrations of the concept are labeled as “approved buildable plans” and show a narrow band of lowest-level underground parking topped by casino, restaurant, and retail space spanning the entire width of the property.

Open Spaces Everywhere

Atop is a domed park and recreation area with several residential towers – one version holds a commercial tower at one end – another shows a new museum for New York City at the other end – the “world’s first museum dedicated to the celebration of freedom and democracy.”

More detailed architectural art shows a massive Ferris Wheel centered on top of the park’s central “dome”.

If current architectural drawings are predictive of the final plot, open spaces would not be confined to ground level or rooftops – some of the mirrored glass towers that could have a hotel, residential, or commercial spaces inside, have sections of a level and entire floors open to the elements with greenery and grass.

The New York State Gaming Commission (NYSGC) announced a Request for Application for three full-scale Las Vegas-style casino licenses first written into law after a 2013 voter referendum. Mohegan is one of the last to announce plans with the only other highly anticipated announcer being Hard Rock International – but that announcement may never come. The company has played its cards close to its chest with a possible venue only a few miles away at Meadowlands in New Jersey.

CEO and President of Mohegan Gaming, Ray Pineault said: “Mohegan is known for the wide array of extraordinary experiences and exceptional service we provide our guests – but it is truly our culture, values, and commitment to our community that set us apart as an organization.

“Our rich Mohegan heritage provides the foundation for how we operate our business and guides our commitment to our employees, our approach to guest services, and our relationship with partners and the communities in which we operate and serve. We look forward to infusing our “Spirit of Aquai,” our guiding philosophy, into New York State.”

Mohegan Gaming is no stranger to large or unique projects. One of its largest endeavors to date has been INSPIRE Integrated Resort Co., Ltd. Korea. Mohegan INSPIRE is building the largest resort in Northeast Asia. It’s located at Incheon International Airport in Yeongjong-do. The project will be completed in 4 phases through 2046.

Phase One is under construction and features 3 five-star hotels (approximately 1,200 rooms), an arena with 15,000 seats (multipurpose performance hall), an indoor water park, convention facilities, a foreigner-only casino, a digital street, and an outdoor family park.

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