Soloviev Group's Innovative Plan Combines Casino and Affordable Housing in New York City

The Soloviev Group's reimagined proposal now includes over 500 affordable housing units available at rates below the market average, a response to the city's growing housing challenges as reported by The New York Times.

Stefan Soloviev, the developer and heir to the Solow real estate fortune, announced the revised plan for the 6.7-acre site, known as Freedom Plaza. This new vision no longer features the previously proposed Ferris wheel. Instead, it consists of two elegant champagne-colored hotel towers offering 1,200 rooms, a residential complex, a democracy museum, and a vast 4.7-acre green space accessible to the public.

What sets this proposal apart is its dedication to addressing New York City's urgent housing needs. Out of the 1,325 planned units, 513 would be specifically designated for affordable housing programs. These units will be permanently rented below the market rates, providing much-needed relief for the city's housing crisis.

Michael Hershman, CEO of the Soloviev Group, explains that the inclusion of a casino on the property is directly linked to the economic viability of the affordable housing component. He highlights that without the casino, this offer would not be possible.

This strategic move aims to garner local support, a pivotal factor in securing one of the three downstate gaming licenses that New York state officials will issue next year. The partnership between the Soloviev Group and Mohegan, the gaming unit of the Mohegan Tribe in Connecticut, underscores the project's credibility and the potential benefits it offers 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 competes with several others in a competitive bidding pool, including the plan of 92-year-old billionaire Larry Silverstein, who has also integrated affordable housing into his Midtown casino project, emphasizing the social and economic benefits of such initiatives.