UPDATE: The $11.1 billion Freedom Plaza project has just been unveiled, marking a significant shift in the Manhattan gaming landscape. Unlike typical flashy casinos, this community-first proposal, pitched by the Soloviev Group in partnership with Mohegan, aims to create a more subdued and accessible gaming experience.
The Freedom Plaza casino will be located below ground, a deliberate choice to minimize its visibility and impact on the surrounding neighborhood. Michael Hershman, CEO of the Soloviev Group, stated, “We are not interested in bringing a circus atmosphere to Manhattan.” This approach sets Freedom Plaza apart from the competition as it seeks to blend with the community rather than dominate it.
As of now, Freedom Plaza is one of eight bids competing for three coveted downstate casino licenses. The project was presented to the Community Advisory Committee on July 18. Notably, MGM Resorts recently joined the fray, proposing a $2.3 billion expansion of the Empire City Casino, while other bids, including those from Caesars and Hard Rock, are also in the mix.
The comprehensive 900-page proposal goes beyond gaming. It includes plans for a hotel, a museum, green space, and two residential towers featuring over 1,000 housing units, with more than 500 units designated as affordable. Hershman emphasized the project’s commitment to community needs, stating, “We have grandchildren that live across the street from that property. We are very sensitive to the community needs.”
In a unique twist, the project proposes allocating up to 12% of its initial public offering to New York City residents. This innovative idea stems from a conversation Hershman had with his son about the ownership model of the Green Bay Packers. “Let’s give them not only a sense of being, but an opportunity to make money off it as well,” he explained.
As competition heats up for the licenses, Hershman believes Freedom Plaza brings unparalleled community benefits that could give it the edge. The proposal’s focus on affordable housing and community engagement reflects a growing trend among developers to prioritize local impact over traditional profit-driven motives.
Residents and stakeholders will be keenly watching the unfolding developments as the bidding process continues. With its community-centric approach, Freedom Plaza could reshape the future of gaming in Manhattan, offering a model that resonates with the needs of New Yorkers.
Stay tuned for updates as this story develops.
