The community directed and administered fund will provide substantial financial resources for local programming, infrastructure improvements, education, and quality-of-life needs.
NEW YORK–(BUSINESS WIRE)–Soloviev Group, a pioneer and leader in socially responsible and environmentally sustainable development, together with global entertainment owner and operator Mohegan announce the Freedom Plaza Community Reinvestment Fund, an autonomous community-based initiative that will provide significant financial resources to Manhattan’s Community District 6 Area.
Each year, 2% of net profits generated from the proposed gaming component of Freedom Plaza will be directly reinvested into the community through a contribution to a 501(c)3 that is registered to and solely operated by the community. The administration, direction, allocation, and distribution of the fund will be independent of Freedom Plaza and overseen by a community-appointed Advisory Board. Soloviev Group and Mohegan will not have representation on the Advisory Board, and all decisions will be made solely at the Board’s discretion.
The annual contribution is intended to advance local initiatives that will positively benefit local residents of all ages. Sample areas for community consideration include neighborhood beautification, environment and public open space activities, tree plantings, community events and festivals, art and creative programs, sponsorship of local sports teams and leagues, public school and after-school programming, hyperlocal local workforce development efforts, support for area small businesses, business incubation programs to improve diversity and equity in the project, programs focused on inclusivity and social justice, sustainability and resiliency efforts, as well as affordable housing and local tenant association programs and activities, among others.
“The Freedom Plaza Community Reinvestment Fund is a direct result of community stakeholder discussions. This fund advances our commitment of meaningful engagement by providing the financial means to address quality-of-life needs that are exclusively determined by the community itself,” said Michael Hershman, CEO, Soloviev Group. “We look forward to our ongoing open dialogue and continuing to deliver on the positive outcomes of these discussions.”
Soloviev Group and Mohegan are mission-driven brands with track records of stimulating local and state economic growth through transformative, community-centered initiatives. The introduction of the Freedom Plaza Community Reinvestment Fund follows the most recent announcement of the creation of 513 onsite affordable housing units as part of the proposed Freedom Plaza mixed-use development and public open space plan – the largest anticipated number of newly constructed units in the central core of Manhattan in more than a decade.
Further, Freedom Plaza will create thousands of union construction jobs and an estimated 8,000 long-term well-paying and union jobs, while also generating hundreds of millions in direct, indirect, and induced economic benefits generated for the city, state, and region and hundreds of millions in new City and State tax revenues annually.
Spanning more than six-acres from 38th to 41st Street east of First Avenue, Freedom Plaza contemplates inclusion of 4.77 acres of public open space, a world-class hotel with gaming, retail and dining options, a food market, and daycare. The revenue generated by the project’s entertainment and hospitality component will allow Freedom Plaza to deliver these and other benefits.
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 4.77 acres of publicly accessible green space; a world-class hotel; an array of shopping and dining options; a museum dedicated to democracy; two residential towers with integrated affordable housing; and a proposed New York Gaming Facility license in partnership with global leader, Mohegan. For more information, visit solovievgroup.com.
About Mohegan
Mohegan is the owner, developer, and manager of premier entertainment resorts in the United States, Canada, and Northern Asia. Mohegan’s U.S. operations include resorts in Connecticut, Washington, Pennsylvania, New Jersey, and Nevada; Canadian operations are based in Niagara Falls; and Mohegan Inspire is located in Incheon, South Korea. 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 customers on a global scale. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information, visit mohegangaming.com.
Contacts
Rubenstein Public Relations
Lori Levin, 212-805-3013
llevin@rubensteinpr.com
