Hedge fund billionaire and New York Mets owner Steve Cohen is pledging to transform the Willets Point area west of Citi Field into a major entertainment destination, he said Sunday. The area is currently a 50-acre parking lot. Cohen says it would become “Metropolitan Park,” including a Hard Rock casino and 25 acres of green space.
The new proposal includes the construction of 20 acres of new public parks and five acres of a new community sports field. Additionally, Cohen previously announced the promise of accessibility improvements at the Mets-Willets Point 7 train stop. Cohen also said he will build a new stadium for the New York City Football Club.
Cohen’s project would include improved roads and bike lanes and a $163 million “community impact fund.” This fund would be responsible for providing grants to local Queens nonprofits.
Cohen this week revealed detailed new renderings of his proposal for Metropolitan Park. This is part of a marketing campaign the billionaire started in May to promote his $8 billion proposal. He predicts the project will create more than 23,000 jobs.
The project still faces major challenges, the biggest of which is finding a state legislator to introduce a bill to divide the property. The land is currently zoned as a park and would need to be adjusted to accommodate a casino.
Caesars pledges additional $15 million for New York casino project
Meanwhile, rapper Jay-Z, whose organization Roc Nation is a partner in the proposed Caesars Palace Times Square project, is proposing to donate an initial $15 million to the local community. He is also pledging regular donations based on 0.5% of the casino’s profits.
Jay-Z and Roc Nation have committed to committing more than $250 million in subsidies to the Hell’s Kitchen neighborhood. “We are New Yorkers,” the rapper said in a statement announcing the latest donation pledge.
“Supporting and providing opportunities for our neighborhoods and communities is not just part of Roc Nation…it’s our collective responsibility,” he added.
“But any proposal that wins a gaming license will undoubtedly make a profit. Our vision is to give back to New York and ensure the Broadway community, Hell’s Kitchen and surrounding businesses and areas benefit. And not just for a minute, but in the long run.”
Caesars Palace Times Square would include significant gaming space. It would also feature a 950-room hotel, an entertainment venue and restaurant space.
Thus, the casino would be located in the 54-story building 1515 Broadway. The hit Broadway show The Lion King, which is already playing in the building, would be incorporated into the project.
11 proposals for the construction of casinos in the city
The two projects are among 11 proposed casino developments in and around New York City’s five boroughs. Decisions on licenses are expected only after the end of 2025.
