Soloviev Group’s proposed Freedom Plaza mixed-use development and public open space plan at 38th to 41st Street on First Avenue will include a total of 513 permanently affordable housing units. This project is set to become one of Manhattan’s largest inclusionary housing initiatives, providing low- and moderate-income housing units while adhering to the city’s affordability guidelines. In partnership with Mohegan, Soloviev Group will also develop an entertainment and hospitality component within Freedom Plaza. The revenue generated from this aspect will contribute towards funding the affordable housing program as well as the development of public green space.
According to Michael Hershman, CEO of Soloviev Group, “Affordable housing is a top priority in our City and nationally.” He further adds that their team is dedicated towards addressing the pressing issue by developing over 500 new low- and moderate-income units while also implementing economic and social benefit initiatives.
The article “Freedom Plaza to Add 513 Units of Affordable Housing” was originally published on Connect CRE.
