Hard Rock Adds Affordable Housing to Queens Casino Plan
New York Mets owner Steve Cohen and Hard Rock International are increasing their efforts in their bid for a casino and hotel development in Queens by introducing an affordable housing element that was previously undisclosed.
LISTEN TO THIS ARTICLE:The teamed-up billionaire and multi-billion company announce plans to collaborate with Slate Property Group, LLC to create 450 new residential units just a couple of miles from the proposed Metropolitan Park site, which would feature a major casino resort and entertainment district near Citi Field.
Slate, a real estate investment firm with its own leasing and property management arms, is expected to oversee the housing development through its affiliated construction company, SD Builders & Construction. According to its website, SD Builders has extensive experience in both affordable and market-rate multifamily projects.
Under a memorandum of understanding between Slate and Queens Future, LLC, the Cohen and Hard Rock partnership, the plan calls for all 450 units to be classified as affordable housing. The development would replace a current parking lot at 54-19 100th Street, located about two miles from the proposed casino site.
Affordable Housing May Strengthen Bid
The new housing plan adds to more than $1 billion in economic benefits that the Queens Future partnership has promised the community if it secures one of three downstate casino licenses.
Although Queens officials haven’t yet publicly commented on the housing proposal, it could be well-received, given the city’s shortage of affordable homes. The move could also strategically strengthen the Queens bid, especially as other competing casino proposals with housing components have reduced their unit counts.
If the project goes forward, the new residences would maintain their affordable status for at least 60 years and serve a broad range of income levels. A portion of the homes would be considered “deeply affordable.”
From day one, Metropolitan Park has been Queens-focused, with a comprehensive vision that addresses community priorities and economic needs. In addition to creating 23,000 good-paying local jobs, we have been committed to working with local community organizations to improve the quality of life for our neighbors.
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Momentum Grows for Queens Casino Project
The announcement of the housing initiative comes soon after State Senator John Liu (D-Bayside) introduced legislation to change the parkland status of Willets Point, a necessary legal step for the Metropolitan Park plan to advance.
That proposal follows the City Planning Commission’s recent approval of zoning modifications needed to move the project forward. Together, these developments show there is growing momentum behind the Queens casino proposal.
However, there is opposition to the project. Some residents are concerned that if Metropolitan Park wins a license and Resorts World New York also secures one, the borough could struggle to fill the combined 4,300 hotel rooms due to lower tourist demand compared to Manhattan. Others fear the presence of two casinos could transform Queens into a mini-Macau or potentially siphon money from local households.
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