Expansion of Avenir gains momentum as Rush Street becomes part of New York City's casino bid
New York City Casino Race Heats Up with Silverstein Properties' Avenir Proposal
The race for one of New York City's three new casino licenses has seen a significant contender emerge, as Larry Silverstein's The Avenir project takes shape on Manhattan's Far West Side.
The Avenir, a mixed-use development, is a partnership between Silverstein Properties and Greenwood Gaming & Entertainment. The project involves two 46-story towers, spanning approximately 1.8 million square feet of space near 11th Avenue.
Silverstein Properties, a family-owned and multi-generational organisation deeply committed to the neighbourhoods they work and live in, has been a staple of the West Side for over 40 years. Notably, Silverstein is recognised for his role in rebuilding the World Trade Center site and his experience in major Manhattan developments.
However, The Avenir's location on Manhattan's Far West Side is seen as less ideal for attracting steady traffic, potentially weakening its chances. Nevertheless, the project's scale and Silverstein's reputation make it a significant contender.
Other competing proposals for the new NYC casino licenses include Freedom Plaza by the Soloviev Group and Mohegan, a $10 billion project near Midtown East with strong community and faith leader support, but concerns about underground casino design and location. Ballyβs Bronx, an attempt to redevelop a former Trump golf course in the Bronx with a 3-million-square-foot complex, faces location challenges but has political backing and financial stability.
As the June 27 deadline for proposals approaches, The Avenir team is counting on its combination of shovel-ready land, experienced casino operators, and community ties to make a compelling case for state regulators.
The Avenir is expected to generate approximately 4,000 union construction jobs and more than 5,000 permanent union positions once operational. While no detailed design or specific casino features have been reported, the project is still in the running amidst other large and politically diverse proposals.
In addition to The Avenir, plans for casinos have been proposed for Times Square, Coney Island, Queens near Citi Field, the Bronx, and the East River waterfront. The race for New York City's casino licenses promises to be a fascinating spectacle, with The Avenir adding an exciting new dimension to the competition.
[1] New York Post, "The Avenir: Silverstein's casino bid for Manhattan's Far West Side", 2022. [2] The Real Deal, "Silverstein's Avenir casino project: What we know so far", 2022.
The Avenir, a project spearheaded by Silverstein Properties and Greenwood Gaming & Entertainment, incorporates casino-games as part of its mixed-use development, showcasing casino-culture in New York City. The casino-personalities involved, including Silverstein, are seasoned industry veterans, aiming to make a strong impression among casino-and-gambling regulators.
