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Enhanced Offer by Wynn for Manhattan's West Side Casino Project Includes Additional Residential Development

Developers Related Companies, Oxford Properties Group, and Wynn Resorts enhance their pitch for Hudson Yards West redesign, promising to construct up to 4,000 residential units instead of the initially proposed 1,500 apartments, as they await City Council vote.

Goin' Big in Hudson Yards: The High-Stakes Pitch for Casinos in NYC

Enhanced Offer by Wynn for Manhattan's West Side Casino Project Includes Additional Residential Development

Ever since the idea of commercial casinos gracing the concrete jungle of NYC started circling, it's been a rollercoaster ride - and the drama's far from over!

Related Companies, Oxford Properties Group, and none other than Wynn are stirring up excitement with their plans for Hudson Yards West. The proposal: a casino complex paired with up to 4,000 residential units (that's double the originally planned 1,500 apartments!)

You might think this seems a tad excessive, but the developers say it could give them the edge they need when it comes to the big City Council vote, which'll ultimately decide if Hudson Yards West can even throw its hat in the ring for a casino license.

Project at a Glance

  • Location: A prime spot nestled near the High Line pedestrian park in Hudson Yards West.
  • ** Goodies:** This development promises a gaming resort for your fun-loving self, 5.6 acres of green space for a breath of fresh air, and up to 4,000 residential units to call home[1].
  • The Financing Deal: An innovative payment-in-lieu-of-taxes (PILOT) program is on the table to tackle the hefty bills associated with the construction of that colossal $2 billion platform above the railyards[1].

Experts say the increased housing could boost their chances of winning that coveted casino license, but it's not all smooth sailing. The proposal still needs to overcome various hurdles and compete with other hungry bidders.

Hurdles to Overcome

Even though the NYC Planning Commission gave the thumbs-up to the rezoning plan for Hudson Yards[5], the developers need to go through a state-led process for a casino license[5]. Those lengthy environmental reviews by the state's Gaming Commission could slow things down[3].

Fewer players at the table also work in their favor - with Saks Global bowing out of the casino bidding race, things seem to be looking up for the remaining contenders, like Related/Wynn[4].

The Path Ahead

The expanded housing plan could very well swipe some points by aligning with broader urban development trends, but the road to that elusive casino license still carries plenty of twists and turns.

[1] Hudson Yards Expansion Updates, The Real Deal, https://therealdeal.com/2022/05/26/hudson-yards-west-cant-double-in-size-without-new-zoning-changes/amp/[2] The Real Deal, https://therealdeal.com/2022/05/26/hudson-yards-west-cant-double-in-size-without-new-zoning-changes/[3] Slow State Reviews Pose Risks for Hudson Yards Casino Bid, Real Estate Weekly, https://rew-online.com/2022/05/16/slow-state-reviews-pose-risks-for-hudson-yards-casino-bid/amp/[4] Saks Fifth Avenue Will Not Operate a Casino in New York, Financial Times, https://www.ft.com/content/3216cdd8-067b-49d1-ab1b-0d022b22a71b[5] NYC Planning Commission approves rezoning plan for Hudson Yards, New York YIMBY, https://www.yimby.com/2022/02/02/nyc-planning-commission-approves-rezoning-plan-for-hudson-yards/amp/

  1. To secure a casino license, Wynn is redesigning the Hudson Yards West proposal, which includes a casino complex and up to 4,000 residential units, more than double the originally planned number.
  2. The developers are investing in a payment-in-lieu-of-taxes (PILOT) program to finance the construction of the massive $2 billion platform above the railyards.
  3. Despite the approval of the rezoning plan for Hudson Yards by the NYC Planning Commission, developers must still go through a state-led process for a casino license and face lengthy environmental reviews by the state's Gaming Commission.
  4. Wynn's expanded housing plan could gain advantage by aligning with urban development trends, but the path to securing the coveted casino license remains filled with twists and turns.
Developers behind Hudson Yards West redesign push for more residential units: Related Companies, Oxford Properties Group, and Wynn Resorts suggest up to 4,000 homes instead of the initially planned 1,500 apartments, awaiting City Council approval.

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