Silverstein Properties, together with Greenwood Gaming and Entertainment, are deliberating on pitching for a casino in New York. As per their collective plans, Avenir, which is the name proposed for the project, will be spread over an area of 1.8 million square feet. They are looking for a place in Manhattan’s far west side. Their intention is to add to the project a hotel, along with a residential area, coming with all the required infrastructure, as well as the necessary amenities.
As per their agreement, Greenwood, which is presently running the Parx Casino in Pennsylvania, will be responsible for the casino side, with Silverstein looking into the other related construction matters. If things fall into place, according to estimates, there will be the creation of roughly 5,500 employment opportunities, as well as construction-related jobs to the tune of approximately 4,000.
Before the actual construction begins, an environmental impact study will be carried out by AKRF. This will provide the necessary information regarding the viability of the proposed project. There will be Hell’s Kitchen positioned on the northern side and Hudson Yards more towards the south. Silverstein, on its part, has formed an association with Karp Strategies to receive the required backing for the project. Karp Strategies is into urban development and strategy consultation.
According to the Chairman of Silverstein, Larry Silverstein, currently, there is a shortage of proper housing, as well as adequate public security issues and budgetary constraints. To fill the gaps, in his opinion, the need of the hour is to work in tandem with the state authorities and turn New York into one of the most prospective places to settle down in. All of this is achievable through the project Avenir.
So far as the Chief Executive of Greenwood, Eric Hausler, is concerned, he strongly feels the opportunity of teaming up with Silverstein will be instrumental in the building of gaming, as well as an entertainment venue, bringing in hordes of interested tourists and others to the city of New York.
It was in January 2023 when New York invited bids in the case of three commercial casinos. As per the terms and conditions, there needs to be a minimum amount of $500 million, to be attached to any application. This is for covering capital investment, as well as license fees. There is also the requirement of satisfying issues of municipal zoning and land-use processes to address the fact that all the bids have community support, after which the board will take its decision. Caesars Entertainment is in line with its intention of building Caesars Palace Times Square. Thor Equities also has plans to construct a $3 billion casino in Brooklyn’s Coney Island. It will inevitably be the best proposal winning.
