Real estate giant Silverstein Properties, in collaboration with Greenwood Gaming and Entertainment, has unveiled ambitious plans to bid for a commercial casino development on Manhattan’s far West Side. The proposed Avenir project spans 1.8 million square feet and envisions a multifaceted complex featuring a hotel, casino, entertainment facilities, and residential spaces. This strategic venture aims to contribute to New York’s revitalization amidst current challenges, offering a comprehensive solution that includes affordable housing, job creation, and economic development.
Project Overview:
The Avenir project is poised to redefine Manhattan’s far West Side, addressing critical urban challenges such as housing shortages, public safety concerns, budget constraints, and evolving commercial real estate dynamics. Larry A. Silverstein, Chairman of Silverstein Properties, expresses confidence in New York’s resilience, emphasizing the city and state’s ability to overcome obstacles and emerge stronger.
Collaboration for Comprehensive Development:
Greenwood Gaming and Entertainment, renowned for operating Pennsylvania’s Parx Casino, will collaborate with Silverstein Properties to develop the casino segment of the Avenir project. The partnership signifies a commitment to creating a unique gaming, leisure, and entertainment destination that captures the essence and vibrancy of New York City.
Community-Centric Approach:
Lisa Silverstein, Vice Chair of Silverstein Properties, highlights the company’s longstanding connection to the Hudson Yards/Hell’s Kitchen neighborhood and emphasizes the Avenir project’s potential to positively impact the community. The development aims to contribute significantly to the area, providing affordable housing options, job opportunities, and overall neighborhood enhancements.
Eric Hausler, CEO of Greenwood Gaming and Entertainment, underscores the company’s commitment to community collaboration. Recognizing the importance of working with elected officials, civic leaders, and labor representatives, the partners aim to ensure that the Avenir project aligns with the needs and aspirations of the Hell’s Kitchen and Hudson Yards communities.
Broader Industry Context:
The bid for a commercial casino in Manhattan follows a trend in New York, where the State Gaming Commission initiated a bidding process for three commercial casino licenses. These licenses are expected to lead to the development of new venues in the New York City area, requiring operators to make a minimum investment of $500 million per license.
Silverstein Properties and Greenwood Gaming’s joint venture for the Avenir project reflects a commitment to comprehensive urban development, combining gaming, entertainment, and community-centric initiatives. As the bidding process unfolds, the proposed casino complex could become a transformative force in Manhattan’s far West Side, contributing to the city’s resurgence and providing a blueprint for holistic, community-driven development in the gaming industry.