Developer SL Green, vying to win approval for a casino in Times Square, is offering an unusual incentive to nearby residents: a cut of the action.
The developer has offered tenants of nearby Manhattan Plaza, iconic residential towers with deep ties in the local theater and arts scene, some $22 million in benefits. The housing development, which includes a large number of designated affordable units, would also get 0.5% of casino profits in perpetuity, according to the proposal filed with the state.
The Caesars Palace Times Square project, proposed for 1515 Broadway, is one of eight vying for a gaming license from the state, which is scheduled to award three downstate licenses by the end of the year.
