SL Green Teams for Aqueduct Race Track Redo

[IMGCAP(1)]NEW YORK CITY-Locally-based SL Green Realty Corp. plans to revitalize the legendary Aqueduct Race Track. 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.

SL Green’s proposal was recently submitted to the State of New York. An SL Green source tells GlobeSt.com that potential costs are not yet disclosed. “SL Green hasn’t done their presentation to State officials yet, so a lot of details are not yet available,” the source says.

[IMGCAP(2)]SL Green’s vision for Aqueduct includes a gaming floor housing 4,500 video lottery terminals. Future amenities may also entail a Hard Rock hotel designed to four-Diamond standards which would include restaurants, a spa and fitness center, a pool and a display that would showcase some of Hard Rock’s most valuable music memorabilia; an Aqueduct Entertainment Complex which would include nighttime entertainment and high-end retail and outlet shops; and a Hard Rock Live Entertainment venue that would feature some of the greatest names in the music industry. If selected, SL Green will work with the state and the local communities in realizing this vision for a revitalized Aqueduct.

“We are proud to announce an agreement with Hard Rock Aqueduct that permits two leaders in their respective industries to work together to create live entertainment, hospitality and retail offerings that will complement the core horseracing and gaming enterprise at Aqueduct,” says Marc Holliday, CEO of SL Green Realty Corp, in a prepared statement. “Aqueduct has always been one of the world’s best-known tracks but it has fallen on hard times,” Holliday adds. “By joining a preeminent real estate company with one of the world’s most recognized names in gaming, hospitality and entertainment venues, we have created a bold and exciting vision for Aqueduct that will preserve a historic Queens landmark and transform it into a global destination.”

All the Hard Rock projects will be managed and overseen by SL Green as part of its overall vision for the race track property. “Hard Rock Entertainment is proud to be a part of SL Green’s proposal to the State of New York,” explains Jim Allen, chairman of Hard Rock Entertainment, parent of Hard Rock Aqueduct LLC. “Our global presence and operational capabilities, along with SL Green’s proven track record in New York, create an opportunity to turn Aqueduct into an unforgettable destination worldwide.”

SL Green has completed or is underway with more than $1 billion in redevelopment projects, including: a $72-million redevelopment of 100 Park Ave.; a $160-million redevelopment of 1515 Broadway; and a $30-million ground-up development joint venture of a flagship store for American Eagle Outfitters at 1551-1555 Broadway.