Metropolitan Park Casino Project Adds Affordable Housing Component

The joint venture between Hard Rock and Steve Cohen, the billionaire businessman and New York Mets owner, Slate Property Group, LLC and Queens Future LLC, announced its plans to develop hundreds of long-term affordable apartments as part of the massive project in Queens.

$8BN Metropolitan Park Casino Project Includes Affordable Housing

Hard Rock and Cohen are in the race for one out of three New York casino licenses. Their project, Metropolitan Park, has a mind-blowing price tag of $8 billion. Per the latest announcement, long-term affordable apartments in Corona are going to further sweeten the deal, benefitting local communities and addressing the housing challenges Queens is currently facing.

The affordable apartments are included in a newly signed memorandum of understanding (MOU) for the project that now includes 100% affordable housing via 450 units. The land the units are going to use is currently being used as a surface parking lot located at 54-19 100th Street. The chosen site is not random as there is an existing affordable housing in close proximity.

The collaboration between Queens Future and Slate Property Group is expected to select a non-profit organization that would collaborate with the latter company for the development of the affordable housing. Besides affordable apartment units, the pledge includes further amenities such as a community space, parking lot that replaces the existing parking lot and an outdoor area with improvements, including a children’s playground.

The Effort Addresses the Housing Crisis, Helps Local Communities

David Schwartz, Slate Property Group’s principal, revealed that the company is thrilled to leverage its expertise in affordable housing for this landmark project. “Together, we will create a lasting impact by delivering high-quality housing serving people of all different incomes in the community,” he added. Finally, Schwartz pointed to the importance of this collaboration that would benefit local communities.

Cohen also shared his excitement regarding the latest announcement, outlining that from the start Metropolitan Park “has been Queens-focused, with a comprehensive vision that addresses community priorities and economic needs.” The billionaire and Mets owner added that the project would not only create 23,000 good-paying jobs but help improve the quality of life for local communities.

Jim Allen, Hard Rock International’s chairman, spoke about the company’s dedication to improving the lives of Queens residents with this development that also focuses on community needs. “Our partnership with Slate Property Group highlights our shared vision to address the affordable housing crisis while fostering local economic opportunities,” he added.

Undoubtedly, the affordable housing addition to the project would make it even more appealing. Back in February, the Metropolitan Park casino project secured city planning commission approval.

However, the project is facing pushback, notably from the amusement industry. One representative of the owners of Deno’s Wonder Wheel Park recently criticized the project, saying that it is not really good to mix casinos and amusement parks.