Slate Partners With Steve Cohen, Hard Rock to Add 450 Affordable Units to Casino Bid

Slate Property Group has partnered with New York Mets owner Steve Cohen and Hard Rock International to build affordable housing in Queens in an effort to sweeten Cohen and Hard Rock’s bid to build a casino near Queens’ Citi Field, Commercial Observer has learned.

Cohen and Hard Rock, in a joint venture called Queens Future, have tasked Slate with creating more than 450 long-term affordable housing units in Corona as part of its $8 billion Metropolitan Park project, according to a Wednesday announcement.

The partnership’s proposed memorandum of understanding (MOU) is contingent on Cohen and Hard Rock winning one of New York City’s three casino licenses, which are set to be awarded later this year.

“We are thrilled to bring our deep expertise in affordable housing to this collaboration,” David Schwartz, principal of Slate, said in a statement. “Together, we will create a lasting impact by delivering high-quality housing serving people of all different incomes in the community.”

If they win the bid, Queens Future would provide financing to Slate and a “yet-to-be-named local nonprofit organization” to develop and manage the affordable housing units. Those units would be built on the current parking lot at 54-19 100th Street, nearly two miles from the Metropolitan Park site, according to the announcement.

The 100th Street site, which is adjacent to another affordable housing development, is set to feature community space and amenities for residents, on-site parking, an outdoor area and a children’s playground, the developers said.

Queens Future’s proposed MOU would ensure the housing units remain affordable for at least 60 years, create opportunities for “local and diverse hiring” during the construction phase, and provide 100 percent affordable housing units for a range of incomes, with a specific number of units set aside as “deeply affordable,” the announcement said.

“From day one, Metropolitan Park has been Queens-focused, with a comprehensive vision that addresses community priorities and economic needs,” Cohen said in a statement. “In addition to creating 23,000 good-paying local jobs, we have been committed to working with local community organizations to improve the quality of life for our neighbors.”

Jim Allen, chairman of Hard Rock, also said in a statement that Queens Future’s partnership with Slate will “address the affordable housing crisis while fostering local economic opportunities.”

The news of the partnership comes after Cohen and Hard Rock gained a new ally this week in state Sen. John Liu of Queens, who announced that he would introduce legislation to advance the Metropolitan Park project by rezoning the land near Citi Field in exchange for waterfront parkland on Flushing Bay, as CO previously reported.

But even with the support of Liu and the promise to build affordable housing, Cohen and Hard Rock face stiff competition to secure a coveted casino license.

Also this week, the Soloviev Group and Mohegan announced that a coalition of 26 New York labor organizations and workforce development partners — including the politically powerful Hotel and Gaming Trades Council — have backed Freedom Plaza, the partners’ 6.3-acre casino project near the United Nations, as CO reported.

Meanwhile, Related Companies and Wynn Resorts’ casino proposal in Hudson Yards isn’t doing as well following public opposition from local Assembly members, the community board and Manhattan Borough President Mark Levine.

Other New York City casino bids include Thor Equities, Saratoga Casino Holdings, the Chickasaw Nation and Legends’ $3 billion casino proposal on the Coney Island, Brooklyn, boardwalk; SL Green Realty, Caesars Entertainment and Jay-Z’s Roc Nation’s goal for a casino in Times Square; and Resorts World New York City’s bid to redevelop its casino in Queens.

Isabelle Durso can be reached at idurso@commercialobserver.com.