Developer Pledges Affordable Housing if It Gets NYC Casino License

Casino License, New Yorkl City, Soloviev Group

The Soloviev Group promised to provide over 510 apartments at below-market-rate rent. However, they want a NYC casino license to construct one near the UN. Aside from affordable apartments, the developer also offers a Ferris wheel, a field of lights, and a museum.

According to casino news reports, longtime property owner Soloviev Group is now attempting a new strategy by including 1,325 units. Also, approximately 40% of the rental properties would have below-market-rate rent. If completed, it would be the greatest concentration of flats of this kind to be constructed in the area in at least ten years.

But there is a catch; if there is no casino, there will not be any low-cost housing.

Developer Wants NYC Casino License in Exchange for Affordable Housing

Casino License, New Yorkl City, Soloviev GroupAs a result, there is intense competition among developers in and around New York City for three state gaming licenses. The city does not welcome casino proposals. However, the Freedom Plaza idea from the Soloviev Group links the project to two of the community’s most pressing needs: affordable housing and recreational areas.

According to the best live dealer casino websites, the taller of the two buildings would house 513 income-restricted units ranging in size from studios to three-bedroom apartments. Also, the two towers would share a platform. Rentals would be available to those whose annual household income is less than 80 percent of the region median (about $102,000 for a family of three). The remaining units would be a combination of market-rate rentals and condominiums. Mr. Hershman said construction might start early in 2025 if the firm quickly received a gaming license and zoning permission.

Most nearby residents do not support the Soloviev Group’s earlier ideas. According to the best online casinos, concerns about traffic and general cynicism about the advantages of a casino led Community Board 6 of Manhattan, which covers the property, to reject any proposals that would include a casino.

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