Legislators pave way for new Nassau Coliseum

New York /
Jun.June 22, 2011 06:52 PM

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]


Related Articles

arrow_forward_ios
Community Development Corporation of Long Island CEO Gwen O'Shea (CDCLI, iStock)
Nassau County aims to salvage $6M rent relief program
Nassau County aims to salvage $6M rent relief program
Village of Freeport Mayor Robert Kennedy, and Cleveland Avenue fields (Google Maps, Twitter via 
Robert Kennedy)
Village, school district feud over potential land sale to Amazon
Village, school district feud over potential land sale to Amazon
Sears says sayonara to Long Island; Bronx store also shutting
Sears says sayonara to Long Island; Bronx store also shutting
Sears says sayonara to Long Island; Bronx store also shutting
124 South Middle Neck Road in Great Neck, Long Island and Hornig Capital Partners Managing Partner Daren Hornig (Google Maps, Hornig Capital)
Size, security, transparency: Great Neck apartment project delayed following local pushback
Size, security, transparency: Great Neck apartment project delayed following local pushback
Laura Curran (Getty)
Nassau County’s Curran floats $70M property tax cut ahead of Nov. election
Nassau County’s Curran floats $70M property tax cut ahead of Nov. election
Long Island (iStock)
Home sale prices hit record high in Suffolk County
Home sale prices hit record high in Suffolk County
The New Hyde Park Target is going to be adding a level (Google Maps)
Target grows footprint in shell of former Sears
Target grows footprint in shell of former Sears
303 Main Street (Hempstead), 130 Hempstead Avenue (West Hempstead),and  Castle Lanterra CEO Elie Rieder (Google Maps, Castle Lanterra)
Castle Lanterra buys Long Island apartment complexes for $138M
Castle Lanterra buys Long Island apartment complexes for $138M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...