One of the nine New York City casino bids being considered by the New York Gaming Facility Location Board is enhancing its proposal by offering equity opportunities that would allow New Yorkers to invest in and benefit from the property’s future success.
Freedom Plaza Proposal
Freedom Plaza is a $10 billion investment led by the Soloviev Group, a family-owned real estate developer best known for the Solow Building at 8 W. 57th St. in Manhattan. Soloviev has partnered with Mohegan, the commercial and tribal gaming subsidiary of the Mohegan Tribe in Connecticut.
On Tuesday, the group revealed that if Freedom Plaza wins one of the three downstate New York gaming licenses, the project will be open for investment to residents of the five boroughs.
“Soloviev, in partnership with Mohegan, is committed to fostering prosperous long-term relationships with residents, community organizations, and businesses both locally and throughout New York. Our visionary Freedom Plaza project exemplifies these goals, and we would be thrilled to offer a financial interest to these stakeholders,” said Michael Hershman, Soloviev Group CEO.
Location and Ownership
Freedom Plaza is proposed for Soloviev’s undeveloped six-acre property just south of the United Nations Headquarters, between 38th and 41st streets east of First Ave. Stefan Soloviev, who inherited the land from his father Sheldon Solow, controls the property. Solow purchased the land in 2000 for $600 million from ConEd.
Casino IPO and Community Investment
Following a new trend in city casino projects, Soloviev and Mohegan are offering up to 12% of Freedom Plaza to New York City residents. This offer will also be made available to New York State and City employee pension funds on a preferential basis to ensure broad community participation.
If Freedom Plaza is selected, capital raising is expected to begin no earlier than 2027. The New York Gaming Facility Location Board is expected to announce the three casino winners by December. Each license requires a $500 million one-time fee.
Freedom Plaza’s Vision
Freedom Plaza is more than just a casino. Soloviev has framed the project as a community and cultural revitalization for the East Side. The developers have committed to returning 2% of the project’s profits—at least $5 million annually—to support civic and social service initiatives.
The development includes 1,047 new apartments, with 513 designated as permanently affordable. A nearly five-acre public park is also part of the plan.
Resort Amenities
The resort will feature 1,251 hotel rooms, a 300,000-square-foot casino floor, a spa and wellness center by Banyan Group, 56,000 square feet of meeting space, a rooftop infinity pool, an indoor pool, a multistory food hall with local vendors, and an art gallery.
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