Silverstein Properties, a national real estate investment, development, and management firm, announced plans today to apply for one of three available downstate New York casino licenses.
Silverstein Properties, partnering with Greenwood Gaming and Entertainment and affiliates, announced plans to develop the Avenir, a hotel, casino, entertainment, and residential complex on Manhattan’s far West Side.
The process to award the three casino licenses will likely be extended into next year. The casinos can be located in the five boroughs, Long Island, and the Lower Hudson Valley.
1.8 million square foot project planned
The planned project will be located on undeveloped land at 41st Street and 11th Avenue, just north of the Jacob K. Javits Convention Center and four blocks West of Times Square.
The Avenir will include two 46-story towers connected by a sky bridge, 1,000 luxury hotel rooms, an eight-story, 600,000 square foot gaming, entertainment, and restaurant complex at its base, and more than 100 units of permanent affordable housing.
It will also feature a 1,000-seat performance hall planned for the 45th floor of the project.
The site is fully owned by Silverstein Properties and is shovel ready if the project is approved.
“Our company has been part of the Hudson Yards / Hell’s Kitchen neighborhood for nearly 40 years,” said Lisa Silverstein, Vice Chair of Silverstein Properties, in a notice sent to Elite Sports New York this morning “We have already built 549 affordable homes on West 42nd Street and look forward to developing over a hundred more as part of this project. The Avenir is an opportunity to create much needed affordable housing, jobs, and economic development, along with many neighborhood improvements in an isolated and often-overlooked part of the City.”
The company has partnered with Greenwood Gaming and Entertainment and affiliates, the owner and operator of Parx Casino in Bensalem, PA.
A second Parx Casino opened in Shippensburg in January 2023.
Silverstein has deep New York City roots
According to the company, the project will create 9,500 union jobs, including 4,000 union construction jobs and more than 5,500 permanent union jobs upon completion for New York City.
Silverstein Properties, led by founder and chairman Larry Silverstein, redeveloped much of the World Trade Center site following the terrorist attacks of Sept. 11, 2001.
Silverstein said New York City and the state face a “confluence of history challenges right now.”
“These include a housing crisis, public safety challenges, budget shortfalls, and a commercial real estate market in transition. We need to work with State and local leaders to do everything we can to make New York the best place to live, work, and visit. We’ve done it before, and I am confident we can do it again. I’ve always said you should never bet against New York; This City and State will come back bigger and better than ever before,” he said.
Three New York Casino Licenses Up For Grabs
New York City, of course, has long been eyed by developers and casino owners as a potential location for new facilities.
The New York State Gaming Commission is currently receiving proposals for casinos and will ultimately determine the license awards through a competitive bidding process, much like it did for online sports betting licenses.
While three casino licenses are up for grabs, only one may still be available for developers.
George Rover, Managing Partner of Princeton Global Strategies, speaking at the May SBC Summit North America conference, said that two licenses are likely already spoken for. He noted that general sentiment believes that Aqueduct Racetrack and Yonkers will likely receive two of the available licenses, leaving just one available for at least a dozen or more proposals that will be submitted later this year.