Soloviev Revamps Lower Manhattan Casino Blueprint with Cheap Living Spaces Included
The Soloviev Group has rethought its idea for a casino resort on Manhattan's East Side in New York City. They've dropped the idea of having a Ferris wheel and now promise to create more than 500 permanently affordable housing units.
The Soloviev Group is managed by billionaire Stefan Soloviev, who derived his wealth from his deceased father, Sheldon Solow. The latter was a New York real estate mogul. Besides the 9 West 57th St. skyscraper that overlooks the Plaza Hotel and Central Park, Sheldon's inheritance also included a 6.7-acre undeveloped plot of land to the south of the United Nations Headquarters. This piece of land is known as "Freedom Plaza".
Stefan Santakovich Soloviev, who has managed to build his own business success through investments in real estate, railroads, and farming, wants to put his money into the US gambling industry. Soloviev's firm is preparing a casino proposal, which will compete with around 10 other proposals to gain one of the three downstate gaming licenses NY state authorities will pass out sometime next year.
New Vision
The Soloviev Group unveiled an altered plan for its casino presentation this week. The revised design is noticeably distinct from the first blueprint. The initial plan featured a Ferris wheel as the centerpiece, but Soloviev removed it due to local feedback.
The reworked concept includes two champagne-colored hotel towers with 1,200 rooms and a residential skyscraper in the southern region of the property. The residential building will contain 1,325 units and 513 of these would be for affordable housing programs. Only residents with average incomes of 80% or less than the area's median income would qualify to rent these accommodations. The studios, one-, two-, and three-bedroom units will be rented at below-market rates indefinitely.
Michael Hershman, the CEO of the Soloviev Group, spoke with The New York Times about the significance of the added affordable housing. "We’re not required to do it," said Hershman. "But a casino allows us to offer the affordable housing in a prime midtown location. Without a casino, the offer would be removed," he clarified.
Apart from the two hotel towers and the living quarters, the Soloviev casino plan also entails a "democracy museum" and a public green space.
In the interim, Soloviev is prepping a public art installation at the site. Renowned artist Bruno Munro will soon install more than 17,000 low-light, fiber-optic stemmed spheres to evoke "a painted landscape framed by the city's iconic skyline and the East River waterfront".
Winning Over Residents and Authorities
No doubt, Soloviev's decision to provide affordable housing is an attempt to make his casino proposal more enticing amid a competitive bidding process. The Soloviev Group has partnered with Mohegan, the gaming arm of Connecticut's Mohegan Tribe, for this New York City project.
There are many more casino firms in the running, offering community perks to attract the attention of residents and authorities. The companies hope that their resorts will generate an economic and societal boost.
Another notable player is 92-year-old billionaire Larry Silverstein, who wants to construct a casino near the Javits Center at 41st St. and 11th Avenue. His plan includes a pair of 46-story hotel towers with 1,000 rooms. If his project gets approved, Silverstein is willing to build at least 100 affordable housing units around the casino.
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Source: www.casino.org
