As the time to open up applications for three New York downstate casino licenses is getting closer, the bidders are employing ultimate efforts to convince the state authorities of the viability of their respective proposals. The real-estate development corporation Related Companies has recently filed a rezoning application to the Department of City Planning as a part of the $12 billion proposal for casino development in Hudson Yards to be now looking to eliminate both rezoning and license obstacles.
$12 Billion Hudson Yards Casino Proposal:
Related Companies and entertainment giant Wynn Resorts partnered in 2022 to start the race for one of the three downstate casino licenses available. As there are around ten other bidders for the license, each of them is now polishing their proposals trying to convince authorities of their eligibility for a casino license in the New York City area. As New York Daily Post (NYDP) reports, Related Companies’ proposed Hudson Yards casino development would include a 13-acre site with a casino, hotel, offices, housing, public school and open space.
According to NYDP, the partners have not revealed much detail about the proposed development. However, the projected spending has risen from $10 billion announced in May 2023 to the current $12 billion threshold. On February 20, 2024, Related Companies reportedly submitted a rezoning request to the city’s competent authority to detail the transformation of the Hudson Yard area if Related and Wynn are granted a casino license.
Filing Rezoning Application:
The transformation will have to include a new platform above the rail yard operated by Long Island Rail Road across the site, as NYDP reports. However, the company assures that its plan will not interrupt the rail road passenger service. Jon Weinstein, a spokesman for Related, reportedly stated: “We are excited to continue engaging with stakeholders across the local community as part of the city land-use process for the undeveloped rail yards. The opportunity to bring a world-class resort to Hudson Yards will catalyze the master plan for the broader Western Yards and $12 billion in total investment.’’
Weinstein added: ‘’As the state’s parallel process moves forward, we look forward to unveiling our full proposed plan which will provide thousands of jobs, billions in revenue and community benefits, a new park, affordable housing, a school and more.” The development site is located west of the existing Hudson Yards and accessible via W. 33rd and W. 30th Streets, and on the west by 12th Avenue, according to the source.
Extensive Five-Year Development:
If approved, the project will reportedly include a 2.6 million-square foot casino, as well as a 1,750-room hotel resort featuring a ballroom and conference space. The facility will also feature a range of amenities and food and beverage outlets, as well as 500 parking spaces. The casino would reportedly spread over five stories of the gaming facility with a maximum of 80 stories built above it. According to the source, the site would include two additional skyscrapers with 80 and, respectively 74 stories with offices, retail, public school, cultural institution, and more than 1,500 apartments. Construction would be complete around 2030, according to NYDP.
Viable Development:
Related Companies rely on the rezoning documents submitted to secure the license. Although the documents include a version without a casino, Weinstein reportedly said that the version with the casino would be a ‘’viable development” capable of delivering the promised public benefits. As reported, the rezoning of the site would replace the 2009 version anticipating a mixed-use development above the western rail yard by 2025. Having filed the rezoning application to the Department of City Planning, Related Companies hope to have covered all the requirements. It will be known soon after the state starts accepting casino license applications.