The Soloviev Group, in partnership with Mohegan, recently announced an exciting forward-looking initiative that will offer eligible local residents a unique opportunity to become stakeholders in the proposed gaming facility at Freedom Plaza, a transformative civic and cultural destination that includes two world-class hotels, destination spa, a diverse mix of food and beverage venues, and meeting and entertainment facilities. As part of the competitive bidding process set to begin in June 2025 for one of up to three Downstate gaming licenses, this dynamic, mixed-use hub in Midtown Manhattan, aims to deliver a thriving center for affordable housing, job creation, open space, and community reinvestment along First Avenue between East 38th and East 41st streets.
Sharing both its financial returns and positive future impact, up to 12% of any initial public equity raised for the proposed gaming facility will be designated for residents of New York City. Soloviev and Mohegan also intend to provide investment allocations to eligible New York state and city employee-related pension funds on a preferential basis relative to other institutional investors, ensuring broad community participation and benefit. If Soloviev and Mohegan are awarded a gaming license, the capital raise would begin no earlier than 2027.
“Soloviev, in partnership with Mohegan, is committed to fostering prosperous long-term relationships with residents, community organizations, and businesses both locally and throughout New York,” said Michael Hershman, Chief Executive Officer of the Soloviev Group. “Our visionary Freedom Plaza project exemplifies these goals, and we would be thrilled to offer a financial interest to these stakeholders.”
Empowering the local community through direct financial participation is a vital aspect of the Soloviev and Mohegan vision. If awarded a gaming license, Soloviev and Mohegan plan to develop a culturally robust experience with a substantial affordable housing complex, an inviting nearly five-acre waterfront park, world-class hospitality and dining, and integrated entertainment. The Freedom Plaza project will add thousands of union jobs, support local businesses, provide attractive residential opportunities, strengthen the community, and boost tourism. It will also play a key role in advancing the New York City workforce, driving meaningful economic development along the East River, and helping to transform the area for the betterment of all New Yorkers.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
