Freedom Plaza, a new civic and cultural plan for Midtown Manhattan’s East Side, officially submitted its license application to the New York Gaming Facility Location Board. With a projected $11.1 billion in total investment, Soloviev Group and its partner Mohegan are advancing a project that they say will transform Manhattan’s East Side while generating $3.2 billion in annual economic output to benefit all New Yorkers.
The developers say the plan delivers more affordable housing than any other Manhattan proposal and is the only Manhattan project to offer open green space.
“As fourth-generation residents of this community, the Soloviev family is proud to take this important step toward making Freedom Plaza a reality,” said Michael Hershman, CEO of Soloviev Group. “This application represents years of meaningful listening and collaboration, and it will uniquely deliver what New Yorkers need most: accessible green space, housing that working families can afford and well-paying union jobs. With ongoing input from our neighbors, labor partners, and faith and civic leaders, we remain committed to building a project that creates lasting value for the community and all of New York City.”
Freedom Plaza will include 1,049 new residential units, including 513 units that working families can afford and approximately five acres of public park space designed by OJB Landscape Architecture. The plan will also feature a food market, daycare, museum dedicated to democracy, community center, locally focused retail and two hotels from Mohegan and the owners of the Banyan Tree hotels and resorts, complete with entertainment and modern gaming options for those 21 and over.
“Freedom Plaza reflects the core values that define us at Mohegan, including inclusion, opportunity and a deep commitment to the well-being of the local community,” said Ray Pineault, CEO of Mohegan. “With a centuries-long legacy of stewardship and community-building, we’re proud to partner with the Soloviev Group and collaborate with New York’s diverse civic, labor, and faith leaders to help shape a destination where people can come together, thrive, and share in lasting prosperity. We know New York City, we’ve been engaged in this market for decades and look forward to expanding our footprint and delivering a transformative experience for Midtown East.”
Designed by Big-Bjarke Ingels Group, the mixed-use development will be built entirely with union labor and directly support the creation of 17,000 high-quality, full- and part-time union jobs during construction and operations, with nearly 40,000 jobs supported overall throughout the economy. Project labor costs during construction are projected to generate approximately $1.5 billion alone. Thereafter, thousands of permanent careers in operations, hospitality, retail and entertainment will be sustained once open.
To ensure long-term, shared prosperity, the project introduces community-first investment models designed to keep financial benefits rooted in New York. Ownership in the proposed gaming facility will be opened to New York City residents, giving individuals the opportunity to share in the project’s long-term economic success. In addition, eligible New York state and city employee-related pension funds will receive preferential access to investment opportunities, enabling broader public participation in the economic upside of the development. The investment opportunities for New York City residents and these pension funds would commence no earlier than 2027.
The developers will also establish a Community Reinvestment Fund — an independent, community-informed 501(c)(3) governed by a local board. The fund will receive 2% of annual gaming profits and is projected to generate at least $200 million over the next twenty years. These funds will be reinvested into initiatives that directly serve New Yorkers, including housing programs, workforce development, arts and culture, youth services, and other priorities identified by neighborhood stakeholders.
