NEW YORK--(BUSINESS WIRE)--Soloviev Group, a pioneer and leader in socially responsible and environmentally sustainable development, announces the inclusion of 513 permanently affordable housing units as part of the proposed Freedom Plaza mixed-use development and public open space plan. Spanning more than six-acres from 38th to 41st Street east of First Avenue, the proposed project will be among Manhattan’s largest inclusionary housing initiatives.
“Affordable housing, specifically the creation of new low- and moderate-income units, is a top priority in our City and nationally. We are dedicated to mitigating the housing crisis within our community and intend to develop more than 500 affordable units, while also introducing meaningful economic and social benefit initiatives,” said Michael Hershman, CEO, Soloviev Group.
The projected affordable housing component will comply with the City’s Mandatory Inclusionary Housing (MIH) program as well as all other applicable affordability guidelines. At least 30% of the 1,325 total number of homes will be permanently affordable at an average of 80% or below the average median income.
"Amid a severe housing crisis, when the City and State decide on which projects will be awarded a gaming license, they should look at what the public will gain from these proposals in terms of housing creation, as well as workforce and economic development, living wage jobs, community amenities and publicly accessible open space," said Jamie Smarr, President and CEO, The Housing Partnership. "These proposals should be delivering meaningful benefits to their communities and the city as a whole. In that context, it is welcome to hear about a proposal that includes this level of commitment to sorely needed housing.”
The proposed entertainment and hospitality component of Freedom Plaza will be developed in partnership with global entertainment owner and operator Mohegan. An extension of the Mohegan Tribe of Indians of Connecticut, Mohegan is a brand with a track record of integrity, community investment, and deep respect for the earth.
“The revenue generated by the project’s entertainment and hospitality component will allow Freedom Plaza to deliver the affordable housing program and expansive publicly accessible green space, with many more details yet to be announced,” said Ray Pineault, CEO and President, Mohegan.
This affordable housing announcement follows the recent introduction of the Mohegan Momentum Partnership Program for New York City, an economic catalyst that will provide millions of dollars
annually in flexible gaming-based rewards and incentivize hotel and gaming venue guests to visit and support local, New York City, and Greater New York City area restaurants, retail stores, and businesses. Applauded by The New York State Restaurant Association, the program will create additional revenue and expand the establishments’ customer base.
Like the Soloviev Group, Mohegan is mission-driven and prioritizes carbon-neutral development, infrastructure funding and improvement, job creation, the utilization of local vendors, and stimulating local and state economic growth.
About Soloviev Group
Unwavering in its commitment to environmental sustainability and social responsibility, the Soloviev Group brings four generations of successful development across community-focused verticals, including hospitality, residential and commercial development, agriculture, energy, logistics and philanthropy. The firm’s most recent project, Freedom Plaza will encompass more than six-acres on Manhattan’s East Side from 38th to 41st Street east of First Avenue and is committed to helping New York City thrive. The mixed-use development will feature 4.77 acres of publicly accessible green space; a world-class hotel; an array of shopping and dining options; a museum dedicated to democracy; two residential towers with integrated affordable housing; and a proposed New York Gaming Facility license in partnership with global leader, Mohegan. For more information, visit solovievgroup.com.
About Mohegan
Mohegan is the owner, developer, and manager of premier entertainment resorts in the United States, Canada, and Northern Asia. Mohegan’s U.S. operations include resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada; Canadian operations are based in Niagara Falls; and Mohegan Inspire is located in Incheon, South Korea. The brand’s iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan’s loyal fan base and meets the digital needs of customers on a global scale. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information, visit mohegangaming.com.