Freedom Plaza Advances Historic Social and Economic Initiative, Promising Manhattan's Largest Number of Affordable Housing Units and Only Public Green Space Amongst Casino Competitors

Community-driven mixed-use development led by Soloviev Group and Mohegan sets new standard for equitable growth with $11.1 billion investment, union job creation, and billions in annual economic output

NEW YORK, June 26, 2025 /PRNewswire/ -- Freedom Plaza, the transformative new civic and cultural plan for Midtown Manhattan's East Side, has officially submitted its license application to the New York Gaming Facility Location Board. With a projected $11.1 billion in total investment, Soloviev Group and its partner Mohegan are advancing a project that will transform Manhattan's East Side while generating $3.2 billion in annual economic output to benefit all New Yorkers.

Delivering more affordable housing than any other Manhattan proposal and standing as the only Manhattan project to offer open green space, Freedom Plaza sets a new benchmark for inclusive and equitable development.

"As fourth-generation residents of this community, the Soloviev family is proud to take this important step toward making Freedom Plaza a reality," said Michael Hershman, CEO of Soloviev Group. "This application represents years of meaningful listening and collaboration, and it will uniquely deliver what New Yorkers need most: accessible green space, housing that working families can afford, and well-paying union jobs. With ongoing input from our neighbors, labor partners, and faith and civic leaders, we remain committed to building a project that creates lasting value for the community and all of New York City."

"Freedom Plaza reflects the core values that define us at Mohegan, including inclusion, opportunity, and a deep commitment to the well-being of the local community," said Ray Pineault, CEO of Mohegan. "With a centuries-long legacy of stewardship and community-building, we're proud to partner with the Soloviev Group and collaborate with New York's diverse civic, labor, and faith leaders to help shape a destination where people can come together, thrive, and share in lasting prosperity. We know New York City, we've been engaged in this market for decades and look forward to expanding our footprint and delivering a transformative experience for Midtown East."

Designed by the award-winning firm BIG-Bjarke Ingels Group, the mixed-use development will be built entirely with union labor and directly support the creation of 17,000 high-quality full- and part-time union jobs during construction and operations, with nearly 40,000 jobs supported overall throughout the economy. Project labor costs during construction are projected to generate approximately $1.5 billion alone. Thereafter, thousands of permanent careers in operations, hospitality, retail, and entertainment will be sustained once open.

Freedom Plaza will include 1,049 new residential units, including 513 units that working families can afford and approximately 5 acres of public park space designed by OJB Landscape Architecture. The plan will also feature a food market, daycare, museum dedicated to democracy, community center, locally focused retail, and two world-class hotels from Mohegan and the owners of the Banyan Tree hotels and resorts, complete with entertainment and modern gaming options for those 21 and over.

To ensure long-term, shared prosperity, the project introduces community-first investment models designed to keep financial benefits rooted in New York. Ownership in the proposed gaming facility will be opened to New York City residents, giving individuals the opportunity to share in the project's long-term economic success. In addition, eligible New York state and city employee-related pension funds will receive preferential access to investment opportunities, enabling broader public participation in the economic upside of the development. The investment opportunities for New York City residents and these pension funds would commence no earlier than 2027.

Alongside this, the developers will establish a Community Reinvestment Fund—an independent, community-informed 501(c)(3) governed by a local board. The fund will receive 2% of annual gaming profits and is projected to generate at least $200 million over the next twenty years. These funds will be reinvested into initiatives that directly serve New Yorkers, including housing programs, workforce development, arts and culture, youth services, and other priorities identified by neighborhood stakeholders.

Freedom Plaza's emphasis on affordable housing, public green space, and community-driven investment has earned widespread support from 26 labor unions and workforce development partners, a coalition of civic and faith leaders, small business owners, and local residents throughout New York City. Led by mission-driven partners Soloviev Group and Mohegan—both dedicated to fostering economic opportunity and lasting neighborhood benefits—this project represents a bold and inclusive vision for Manhattan's future.

About Freedom Plaza
Developed by Soloviev Group and designed by BIG-Bjarke Ingels Group, Freedom Plaza spans 6.3-acres from 38th to 41st Street east of First Avenue. The mixed-use development, which will be built only with union labor, will deliver 1,049 new residential units, including 513 units of housing that working people can afford and feature approximately 5 acres of public open space designed by OJB Landscape Architecture, along with locally oriented retail and a wide range of shopping and dining options. Additional amenities will include a daycare center, food market, a museum dedicated to democracy and community center. Two world-class hotels from global resort leaders Mohegan and the owners of the Banyan Tree hotels and resorts will feature retail, dining, and entertainment, including the option of modern gaming for those 21-and-over. For more information, visit freedomplaza.nyc.

About Soloviev Group 
Unwavering in its commitment to environmental sustainability and social responsibility, the Soloviev Group brings four generations of successful development across community-focused verticals, including hospitality, residential and commercial development, agriculture, energy, logistics and philanthropy. The firm's most recent project, Freedom Plaza, will encompass more than six-acres on Manhattan's East Side from 38th to 41st Street east of First Avenue and is committed to helping New York City thrive. The mixed-use development will feature 4.7 acres of publicly accessible green space; two world-class hotels by global resort leaders Mohegan and the owners of the Banyan Tree hotels and resorts, featuring the option of modern gaming for those 21-and-over; locally oriented retail and an array of shopping and dining options; a museum dedicated to democracy and community center; and two residential towers with housing that working people can afford. For more information, visit freedomplaza.nyc.

About Mohegan
Mohegan is the owner, developer, and manager of premier entertainment resorts in the United States and Canada. Mohegan's U.S. operations include resorts in Connecticut and Pennsylvania and Canadian operations are based in Niagara Falls, Ontario. The brand's iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan's loyal fan base and meets the digital needs of North American customers. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information on Mohegan and its properties, please visit mohegangaming.com.

Video and high-resolution rendering is available for download here, courtesy Soloviev Group.

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.

SOURCE The Soloviev Group