The Soloviev Group has announced the inclusion of 513 affordable housing units within the proposed Freedom Plaza in Manhattan, significantly contributing to the city’s inclusionary housing efforts. Located from 38th to 41st Streets east of First Avenue and covering over six acres in Midtown East, the ambitious mixed-use development was already slated to feature 4.77 acres of green space, a museum, shopping and restaurants, and a hotel. Now with the inclusion of the affordable units, it also stands to be one of Manhattan’s largest inclusionary housing initiatives in more than a decade.
Michael Hershman, CEO of Soloviev Group, underscored the firm’s commitment to alleviating the housing crisis by incorporating more than 500 affordable units, aligning with the city’s Mandatory Inclusionary Housing program. The affordable housing component is planned to ensure at least 30 percent of the total 1,325 residential apartments are permanently affordable, available to those earning 80 percent or below the average median income.
A notable partner in this venture, Mohegan, will spearhead the entertainment and hospitality elements of Freedom Plaza. “The revenue generated by the project’s entertainment and hospitality component will allow Freedom Plaza to deliver the affordable housing program and expansive publicly accessible green space, with many more details yet to be announced,” said Ray Pineault, CEO and president of Mohegan.
Following this announcement, Mohegan also introduced the Mohegan Momentum Partnership Program for New York City, aimed at boosting local economic activity.
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The State should require that any supplementary construction in conjunction with the casino license be opened before casino construction can begin.
Affordable housing means market rate keep on dreaming.
Anything called “Freedom” has become a loaded, bad joke.
This will close off 40th Street to light and sun permanently, even more than Soloviev’s 685 First Avenue already does. Serious consideration should be given to leaving the street corridor either open or at least a park setting.
Tall buildings belong in Midtown. Sure it would be wonderful if a park was built here, but the plan above calls for green space AND affordable housing. It’s a win-win.
1. I assume this is part of the casino proposal?
2. I love how they left a space open so as not to block the views from their other building across first avenue.
3. This will NEVER win the casino license and shouldn’t.
4. I hope they still build a ton of housing in this site.