Summary:
- Community advisory committees voted against SL Green’s Times Square casino and Silverstein’s Javits-area project.
- The decision officially put an end to the two bids, drawing heavy criticism from supporters.
- Soloviev Group’s $11 billion Freedom Plaza near the UN remains the only Manhattan contender.
The dreams of two of Manhattan’s most ambitious casino projects took a significant hit this week. SL Green Realty’s proposed $5.4 billion Times Square casino and Silverstein Properties’ $7 billion mixed-use development near the Jacob K. Javits Convention Center were both rejected by local community advisory committees on Wednesday.
Each committee, composed of six members appointed by elected officials, voted 4-2 against the respective projects.
According to gaming regulations in the state, bids require a two-thirds majority from a community advisory committee to move forward to the Gaming Facility Location Board. The final licensing decision is expected by December 1.
Brad Maione, spokesperson for the New York State Gaming Commission, emphasized the significance of the vote, telling CoStar News, “The community advisory committee decisions are binding”. Votes for the remaining Manhattan contenders are scheduled to be completed by Sept. 30.
Disappointment Among Supporters
SL Green, alongside partners Caesars Entertainment and Jay-Z’s Roc Nation, were quick to express disappointment on their “visionary proposal” being rejected. SL Green CEO Marc Holliday was more blunt with his criticism, with Crain’s New York quoting him on calling the committee’s decision regarding 1515 Broadway “a despicable display of cowardice” that ignored the community benefits the project promised.
The only ones with the courage to stand up [are] the governor’s and the mayor’s appointees, and everybody else runs and hides. Go run and hide.
Silverstein’s Avenir project faced a similar fate, despite a last-minute appeal to postpone its vote after receiving “a very significant additional request” from the committee late Tuesday night. Dino Fusco, Silverstein’s COO, echoed similar feelings of disappointment that “West Side elected officials didn’t see a path forward for The Avenir project”.
With SL Green and Silverstein out, Soloviev Group’s $11 billion-plus Freedom Plaza near the United Nations remains the sole Manhattan contender.
Elsewhere in New York City, several other bids are competing, including Bally’s proposal in the Bronx, Steve Cohen and Hard Rock International’s $8 billion plan near Citi Field in Queens, Thor Equities’ $3 billion Coney Island project, Resorts World’s $5 billion expansion at Aqueduct, and MGM’s $2 billion-plus Empire City Casino proposal in Yonkers.
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