Coney Island’s $3 Billion Development Plan: A New Era for Economic Growth
Overview of the Development
A substantial $3 billion development project is set to transform the Coney Island area, strategically located next to the subway station. This ambitious plan encompasses a variety of amenities, highlighting:
- A 500-room hotel with 250,000 square feet of hospitality offerings
- A convention center spanning 92,000 square feet, aimed at hosting numerous events year-round
- 79,000 square feet allocated for retail and dining experiences
- A 2,500-seat concert venue designed for large performances
Community Impact and Statements
Sam Gerrity, CEO of Saratoga Casino Holdings, addressed the pressing need for this project, stating, “We have heard time and time again that Coney Island needs a project that provides year-round economic support while also lifting up the infrastructure in one of the most densely traveled areas of the community.”
Regulatory Framework and Approval Process
Robert Williams, the executive director of New York’s State Gaming Commission, shared insights during a public hearing about the required approvals for the proposed casinos. He noted that the New York City Council must approve zoning amendments to allow casinos in the city.
Williams emphasized the procedural steps necessary for the development’s progress:
- The projects must navigate through the city’s Uniformed Land Use Review Procedure.
- A separate state environmental impact assessment is mandated under the State Environmental Quality Review Act.
Specific Projects Under Scrutiny
Among the various casino proposals under consideration, two notable submissions include:
- Mets owner Steve Cohen’s proposed casino adjacent to Citi Field.
- Bally’s proposal for a casino at Ferry Point in The Bronx.
Both projects require legislative approval to change the status of the properties from parkland to commercial use.
Future Steps and Timeline
Williams indicated that environmental reviews for these projects are expected to be completed in the first half of 2025. Subsequently, Community Advisory Committees, which consist of legislators and borough presidents, will conduct votes in the summer of 2025 to either endorse or oppose the casino bids.