Real estate business Silverstein Properties and Greenwood Gaming and Entertainment have revealed plans to bid for a commercial casino in downstate New York.
‘Avenir’ would be located in Manhattan’s far West Side and cover an area of 1.8m square foot. The full project would also feature a hotel, entertainment amenities and residential complex.
Greenwood, the operator of Parx Casino in Pennsylvania, would work with Silverstein on the casino section of the development. Full details of the proposed venue were not disclosed.
According to Silverstein, should the full project get the go-ahead, it would create 5,500 new, permanent jobs. The development would also create a further 4,000 construction jobs.
The project would also involve AKRF carrying out an Environmental Impact Study to assess the impact of the development on the local area. This would primarily cover Hell’s Kitchen to the north and Hudson Yards to the south.
In addition, Silverstein has partnered with Karp Strategies, an urban planning and strategy consulting business, to support the project.
Economic development
“Our city and state face a confluence of historic challenges right now,” Silverstein chairman Larry Silverstein said. “These include a housing crisis, public safety challenges, budget shortfalls, and a commercial real estate market in transition.
“We need to work with state and local leaders to do everything we can to make New York the best place to live, work, and visit. We’ve done it before, and I am confident we can do it again.
“The Avenir is an opportunity to create much needed affordable housing, jobs, and economic development, along with many neighborhood improvements in an isolated and often-overlooked part of the city.”
Greenwood chief executive Eric Hausler added: “We are excited to join with Silverstein Properties to create a gaming, leisure, and entertainment destination that will reflect the unique character and spirit of New York City, and attract visitors from all over the globe.
“We are a company with deep roots in our communities. We look forward to working with local communities to create something that serves the neighborhood and its residents.”
Rival bids
New York launched the bidding process for three downstate commercial casino in January of this year.
Bids require a minimum capital investment and license fee for applicants of $500m each. In addition, applicants will have to meet municipal zoning and land-use processes to ensure only community-backed proposals are sent to the board for consideration.
The official launch came after some businesses announced plans to bid for licenses. Caesars Entertainment said it plans to build Caesars Palace Times Square by redeveloping 1515 Broadway.
Meanwhile, Thor Equities proposed plans to build a $3.00bn casino in Brooklyn’s Coney Island. The business is to be supported in its bid by Saratoga Casino Holdings and Chickasaw Nation’s Global Gaming Solutions entity.