A NYC casino with affordable housing
Recent findings from the city Department of Housing Preservation and Development revealed an alarming decline in the vacancy rate for apartments. Plummeting to a historic low of 1.4%, the lowest since 1968, only 33,000 units were available for rent citywide as of February 2024.
That sobering statistic, coupled with the city’s growing homelessness epidemic, underscores the harsh reality that we are facing a housing crisis of monumental proportions.
The crisis is a stark reminder that developers and the government, both on the city and state levels, must work together and act vigorously to invest in the future of New York through the development of affordable housing.
Since the New York Gaming Facility Board announced the option of gaming licenses in Downstate New York for the first time in history, developers and entertainment and gaming partners are eagerly pursuing opportunities at sites across the five boroughs.
As zoning proposals and plans are deliberated, the opportunities to benefit and invest in our communities by providing affordable housing options should be met with excitement, efficiency, and priority.
The creation of affordable units is a top priority for Soloviev Group and is fully aligned with our mission of socially responsible development. From the early stages of drafting our proposal for Freedom Plaza, a transformative plan for 6.7 undeveloped acres on First Ave. between 38th and 41st Sts., affordable housing was a crucial aspect of the project for both us and our partner Mohegan.
The severity of the situation has been recognized by our state and city leaders. Ambitious housing goals of hundreds of thousands of new units have recently been set forth by both Gov. Hochul and Mayor Adams, with millions of dollars in funding, bonds, and subsidies being continuously awarded to create and preserve affordable homes statewide.
But these processes are subject to standard approvals, changes, and delays, and to the extent that so many New Yorkers are in desperate need of affordable housing now, much of the responsibility to provide these options will fall onto us as developers.
With every entitlement application, we need to do our part as developers to understand the priorities and, most importantly, deliver on bettering the quality of life in the neighborhoods in which we have the privilege of building in.
We should be guided by input received through open and honest conversations with residents and neighbors, listening to their concerns, and collaborating with them as plans are developed. Only by attaining this understanding of priorities will we be able to realize the best possible end result and arrive at a win-win development.
With a huge concern of many currently being access to affordable housing, what better way to both enhance our communities and contribute positively to the economic and cultural life of New York City than by providing New Yorkers with an attainable and affordable path to remain a part of the city that they love?
The reality is that affordable, accessible housing should be a part of every proposal and every plan for New York City to do our part in fighting housing insecurity. Amidst the challenges presented by the current economic and regulatory environment, realistic affordable housing development will require a shift in focus and innovative and out-of-the-box approaches.
Project producing revenue will be harnessed to turn Freedom Plaza into a benefit-rich town center. In a commitment to help New York City, we have included 513 units of affordable housing, along with a day care, a museum, and local grocery market.
The funds will also enable nearly five acres of publicly accessible landscaped open space with programming informed by community discussions. With changes made in favor of maximizing the public’s use of the open space, Freedom Plaza will offer a children’s playground, dog run, sculpture garden, a large green lawn, numerous seating areas, and an open-air amphitheater.
We are proud to be a decades’ long member of this community and recognize that the economic turmoil of the pandemic and subsequent years has taken a toll on many citizens and families throughout the city. As we look to the future, we look forward to doing our part and pledge to support the city’s ongoing efforts, while also championing others in what they endeavor citywide.
While decision makers work through the casino process, we will continue to engage with residents, and community and local leaders alike to ensure this development benefits New Yorkers. This is a transformative moment to embrace opportunities and leverage an investment in our city that will improve the quality of life for our neighbors for years to come.