The Real Deal New York

Legislators pave way for new Nassau Coliseum

June 22, 2011 06:52PM

In its last-ditch effort to secure a new Nassau Coliseum, Long Island legislators have agreed to rezone the 77-acre site surrounding site and to share revenue from a new stadium with Islanders owner Charles Wang. According to Newsday, the “flexible” rezoning allows for 5.4 million square feet of mixed-use space, divided into six parcels, each of which must contain two separate uses. The rezoning permits more than 500 homes, none larger than three stories, affordable housing and hotels up to 100 feet tall. The plan is meant to develop the area surrounding a new Nassau Coliseum, which finally appears possible thanks to a new agreement struck between Wang and local lawmakers. Wang will sign a 30-year lease beginning in 2015 for the entire 77-acre area, without development rights, and with a promise to return 11.5 percent of revenue — at a minimum of $14 million — from the Coliseum to Nassau County each year. That includes revenue from the additional entertainment that a new stadium figures to draw. County Executive Edward Mongano projects $18 million in revenue from the deal in the first year, and more than $28 million in total when factoring in other development spurred by a new stadium. The deal prevents the county from borrowing more than $400 million to pay for a new stadium to keep the Islanders on Long Island and would create 1,500 temporary construction jobs and 3,000 permanent jobs according to Mongano. The country will get final say on development in the area. [Newsday and Newsday]

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