Summary
- Avenir would be located in Manhattan on the West Side.
- The project would include a hotel, entertainment, and a residential complex.
- Greenwood is the operator of Parx Casino in Pennsylvania.
Competition for New York City casino licensing just got stiffer as yet another company announced its intention to bid.
Greenwood Gaming, Pennsylvania’s Parx Casino operator, has teamed up with real estate company Silverstein Properties to bid for a commercial casino in the downstate area. This is one of several bids under consideration.
Manhattan’s Far West Side Location
The plan of Greenwood is to create a casino on the far West Side of Manhattan. The casino would be named Avenir, and the full project will cover 1.8 million square feet of land. The property will include a hotel, entertainment options, and residential housing.
Silverstein would be the full development of the plan, with Greenwood focused on the casino. The full scope of work expected was not provided in the release of the plans. If the project is greenlighted, Silverstein says it would bring 5,500 new jobs to the area. The construction phase would hire around 4,000 individuals.
Before it could move forward, an Environmental Impact Study would be required. The impact of such a development should be considered.
Helping the Local Community
When announcing the project, Larry Silverstein spoke up about helping the local community. The Silverstein chairman said that the city and state face historic challenges, including a housing crisis, public safety issues, and budget shortfalls. The company wants to work with the state and local leaders to help with these challenges; the project is how the brand thinks it can help.
Silverstein said that Avenir brings the opportunity to create affordable housing in the area, jobs, and economic development. Neighborhood improvements would also be added to an often overlooked and not updated area.
To be eligible for licensing, the two companies must provide information that they can provide a minimum capital investment of $500 million plus licensing fees. The local community must also be on board with plans before submitting them to the review board.
Greenwood will face stiff competition in the race for licensing. Caesars Entertainment has plans to create a casino in Times Square by redeveloping a space on Broadway. Thor Equities has plans to create a casino on Coney Island, spending $3 billion on the development.
These are just a few of the incoming proposals. We expect to see even more effort as the bidding process continues in New York City.
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