There are many types of commercial real estate projects in the works throughout the state of New York. Some are small, only attracting local investors, while others are much more involved.
Plans were recently unveiled for a $300 million casino project in Schenectady, New York. With this commercial real estate project, supporters note that hundreds of jobs would be created in the local area, not to mention the fact that it would one of the top establishments in the region.
This project has caught the eye of billionaire investor Neil Bluhm, the owner of Rush Street Gaming LLC based in Chicago. He said, "We think we'll generate the highest revenue for the state because we have the best site and plan and we have tremendous support from the city and county."
Bluhm, among many local officials and business leaders, gathered in The GE Theater at Proctors to discuss the plans for an establishment that will be known as Rivers Casino at Mohawk Harbor, if approved by the state.
Bluhm is not taking on the project himself, but instead partnering with The Galesi Group, a local commercial real estate firm.
If the casino project receives approval from state officials, it would open approximately two years after being awarded a license.
There is a lot that goes into this type of project, from securing the land to funding and much more. This commercial real estate project holds a lot of promise, and not just for the entertainment value. It will also create jobs and help bolster the local economy.
Source: Albany Business Review, "Galesi Group teams up with billionaire to pursue $300 million casino at Mohawk Harbor in Schenectady" Michael DeMasi, May. 20, 2014