Soloviev Modifies NY Casino Proposal to Incorporate Affordable Housing

Posted on: October 19, 2023, 03:34h.

Last updated on: October 19, 2023, 03:34h.

The Soloviev Group has revised its plans for a casino resort in Manhattan, New York. Instead of a Ferris wheel, the developer will now provide over 500 affordable housing units. This move aims to offer permanent below-market-rate rents to residents.

Soloviev Group New York casino Manhattan
A rendering of the Soloviev Group’s casino resort on Manhattan’s East Side just south of the United Nations Headquarters. Soloviev’s revamped pitch includes more than 500 affordable housing units. (Image: Soloviev Group)

The Soloviev Group, led by billionaire Stefan Soloviev, plans to enter the US gaming industry. The proposed casino resort will compete with other projects for one of the three downstate gaming licenses issued by New York state officials next year.

New Concept

The Soloviev Group has unveiled an updated design for its casino project. The new plan removes the Ferris wheel and features two champagne-colored hotel towers with 1,200 rooms. Additionally, there will be a residential complex on the southern end of the property.

The residential part of the resort will offer 1,325 units, with 513 dedicated to affordable housing programs. These units will be permanently rented below market rates for studios, one-, two-, and three-bedroom apartments, available to renters with an average income of 80% or less than the area’s median income.

According to Soloviev Group CEO Michael Hershman, the affordable housing component aims to address the city’s housing crisis. Hershman emphasized that the offer is contingent on the casino being included in the project.

In addition to the hotel towers and residential structure, the Soloviev casino plan includes a “democracy museum” and a public green space. The property will also feature a public art installation by artist Bruno Munro.

Wooing Residents, Government

Soloviev is partnering with Mohegan, the gaming unit of the Mohegan Tribe in Connecticut, for the Manhattan casino project. By offering affordable housing, Soloviev aims to stand out among other bidders in the competitive bidding process.

Many casino firms, including 92-year-old billionaire Larry Silverstein, have also pledged affordable housing in their resort proposals. Silverstein’s plan for a Midtown casino includes two 46-story hotel towers and a commitment to building at least 100 affordable housing units surrounding the casino.

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