$2B Aqueduct Revival Plan Wins Support

[IMGCAP(1)]NEW YORK CITY-Locally based SL Green Realty Corp.’s proposal to revitalize the Aqueduct Racetrack here has gained endorsement from local labor unions. The firm plans more than $400 million in capital improvements at Aqueduct during the initial phase and more than $2 billion over the life of the project.

The plan also ensures the maximum revenue for the State of New York, proposing $250 million up front, plus $130 million in additional construction expenditures–on top of the state’s $250 million–to ensure the best possible facility at Aqueduct. Added to that is the guaranteed $106 million in ongoing capital improvements to the facility over the franchise term. In addition, SL Green’s proposal includes a proprietary $28.5-million upstate equine economic development program to support and encourage growth in New York’s horse racing industry.

[IMGCAP(2)]As GlobeSt.com previously reported, the redevelopment plan includes working with the Hard Rock brand, which will help develop and operate a fully integrated entertainment complex–with racing, gaming, restaurants, retail and hotels. The plan is intended to create approximately 600 full-time union construction jobs and 575 full-time union operations jobs in the initial phase alone, and hundreds of more jobs are anticipated in future spin-off employment spurred by the Aqueduct development.