REAL ESTATE: The Biggest Development That Westchester County Has Ever Seen Is Now Underway In Yonkers
YONKERS ON THE MOVE: There will be seven buildings, and about 1,400 luxury apartments.
Ten percent of those apartments are earmarked for affordable housing.
Many retail establishments are also planned near the Bronx.
While Hudson Piers will create an unbroken 1.5 miles of riverfront esplanade
This will be followed by the massive four skyscrapers in the Chicken Island parking Lot in Getty Square
AMS already bought the Chicken Island Parking lot and are currently renting it back to The City of Yonkers and intends to construct an expansive multi-tower complex spanning approximately 2 million square feet.
This $800 million project will introduce a mix of affordable and market-rate housing, office space, retail and dining area, a parking structure, and a new pedestrian plaza that feeds into the riverfront extension.
After that Yonkers is slated for the two billion MGM has promised to invest at the Empire Casino's 97 acre site, if New York State grants the Racino a full gambling license
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INVESTOR CALL: If MGM earns one of the licenses, the company would significantly expand its #Yonkers facility by adding billions of dollars’ worth of upgrades, including table games, slot machines and amenities found at its various resorts around the world.
QUOTE: “We had hoped to invest up to a couple of billion in the first round to put us into the table games business, to expand some of the amenities and put in a much-needed parking garage there, to put an entertainment facility there and potentially some other things,” MGM Resorts CEO and President William Hornbuckle said on an investor call this week.
Mr. Hornbuckle didn’t offer more specifics as to just how many billions of dollars would go into the upgrade in Yonkers, which is a roughly 15-mile drive from Times Square in Manhattan.
The MGM leadership team did provide a few details on what kind of overhaul the 97-acre Empire City Casino would receive if the company earns the right to develop a full-scale gambling operation there.
The video lottery terminals — which are preprogrammed to pay a set number of times — would get swapped out for actual slot machines, which are unpredictable and operate on a game of chance.
Table games would be added as well as other amenities; however, Mr. Hornbuckle didn’t elaborate on what kind of offerings beyond the gambling hall and parking facility were under consideration.
It appears MGM is approaching the project as one that would likely cater more to local and regional gamblers rather than bring in gamblers from around the world, like its Las Vegas resorts.
“We think that will attract the kind of market that’s available to us both in the neighborhoods and the surrounding areas,” Mr. Hornbuckle said.
In the MGM Resorts C-suite, Mr. Hornbuckle appears to be taking a slow and steady approach to the potential project in The City of Yonkers.
“We had to ultimately get our head around the master plan, which we’re working on diligently now,” he said.
“But it’s a couple of billion dollars, and we’re going to be thoughtful about how quickly we do go when it’s all said and done.”
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