SL Green, Silverstein, and Soloviev Group's Failed Manhattan Casino Sites May Still Hold Potential for Residential and Office Development
With three major developers' casino projects rejected, the future of their sites remains uncertain, but other opportunities may arise.
The recent rejections of proposed casino projects by SL Green, Silverstein Properties, and the Soloviev Group have left many wondering what will become of their prime Manhattan sites. While these developers have been tight-lipped about potential alternative plans, industry experts believe that the failed casino sites could still prove to be lucrative opportunities for residential and office development.
SL Green, which had plans for a casino at 1515 Broadway in Times Square, made it clear that gaming was their top priority. However, with their proposal now dead in the water, they may have to reconsider their options. According to community members, SL Green's chair Marc Holliday expressed interest in pursuing alternative uses for the site in the future.
Silverstein Properties, known for their high-end residential developments, also had their casino project at 520 West 30th Street rejected. While they have not commented on their next move, sources say that they may pivot towards a mixed-use project that includes both residential and office space.
The Soloviev Group, which proposed a casino at 50 West 66th Street, has also faced setbacks with their project. Despite this, they have remained noncommittal about their plans for the site, leaving room for speculation about potential future developments.
While these three developers may have struck out with their casino proposals, other developers and investors are eyeing the failed sites as potential opportunities. With prime locations in desirable neighborhoods, these sites could still attract big bids and major development projects.
"These sites have the potential to be major jackpots for the right developer," said one industry observer. "It's open season