Real estate powerhouse Silverstein Properties, in collaboration with gaming titan Greenwood Gaming, has taken a significant leap into the New York casino industry. Their ambitious joint venture revolves around building a casino complex on Manhattan’s far west side. The proposed site, currently undeveloped land at 41st Street and 11th Avenue, measures 92,000 square feet and is wholly controlled by Silverstein Properties.
Larry A. Silverstein, Chairman of Silverstein Properties, expressed his optimism for the project, dubbed Avenir. He stated, “Our City and State face a confluence of historic challenges right now. These include a housing crisis, public safety challenges, budget shortfalls, and a commercial real estate market in transition.” He firmly believes that Avenir will revitalize New York’s economy, predicting “billions” in economic development while creating over 9,500 jobs.
Avenir
Avenir, meticulously designed by Steelman Partners and Cetra Ruddy, aims to become a sprawling entertainment hotspot just north of the Javits Center. The ambitious development plan boasts 1,000 luxury hotel rooms, diverse gaming and entertainment options, restaurants, and even addresses the city’s housing crisis by proposing over 100 affordable apartments.
The project’s blueprint also entails two 46-story towers linked by a sky bridge and a 1,000-seat performance hall, making it an intriguing addition to New York’s skyline.
Greenwood Gaming, known for operating the successful Parx Casino in Philadelphia, is Silverstein’s key partner on this project. Eric Hausler, CEO of Greenwood Gaming and Entertainment, expressed his enthusiasm for the project, saying, “We are excited to join with Silverstein Properties to create a gaming, leisure, and entertainment destination that will reflect the unique character and spirit of New York City, and attract visitors from all over the globe.”
However, winning the casino license won’t be easy for the Silverstein-Greenwood partnership, as they face stiff competition. Around ten teams are vying for one of three full-scale casino licenses available in the region. Despite this, the partnership remains optimistic, ready to present their proposal to the State’s Gaming Facility Location Board.
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