The Freedom Plaza in New York City

Soloviev Group Plans 1,325 Apartments as Part of New York City Mixed-Use Project

by Channing Hamilton

NEW YORK CITY — Soloviev Group plans to build two residential towers in Manhattan as a part of the Freedom Plaza mixed-use development, a six-acre, three-block project proposed along the East River in Manhattan. The two high-rise buildings will offer 1,325 residential units, including 513 affordable units.

Current plans for Freedom Plaza feature 4.8 acres of publicly accessible green space; a hotel; retail and restaurant space; a museum; the residential towers; and a casino. Local news outlets report that adding affordable housing to the development plans is a move to improve the proposal’s attractiveness amid opposition to the casino component.

Soloviev is developing the casino in partnership with global entertainment owner and operator Mohegan. Mohegan is an extension of the Mohegan Tribe of Indians of Connecticut.

The planned affordable housing component of the development will comply with New York City’s Mandatory Inclusionary Housing rules, as well as all other applicable affordability guidelines. Nearly 40 percent of the total unit count will be permanently affordable and reserved for residents earning 80 percent of below the area median income. According to Soloviev Group, the proposed project will be among Manhattan’s largest inclusionary housing initiatives.

A development timeline for the residential towers was not disclosed. Soloviev hopes to break ground on Freedom Plaza after the project receives a gambling license and zoning approval.

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