Nassau Coliseum redevelopment gets new committee to weigh in
A partnership between billionaire Charles Wang and RexCorp Realty has assembled a panel of 20 Long Island community leaders to share their thoughts on the $2 billion redevelopment of Nassau Coliseum and the 77 acres surrounding it in Hempstead.
The Lighthouse Development Group’s Lighthouse Steering Committee will weigh in on the project’s most recent designs, which call for reduced heights on some buildings and a new sports arena for the New York Islanders. The new stadium will be flanked by residential neighborhoods, retail and entertainment outlets, a hotel and conference facilities, and a baseball stadium.
The new development project is expected to generate thousands of construction jobs and $60 million in revenue from real estate taxes, Long Island Business News reported.
Newmark Knight Frank to consult for Suffolk County projects
Looking to bring “efficiency and economy” to its real estate projects, Suffolk County has chosen Newmark Knight Frank to help the county market unneeded property, develop strategic real estate plans, perform financial analysis and help consolidate offices, according to Newsday. Newmark will have a hand in shaping policy over a number of large projects, including Gabreski Airport in the Hamptons.
Some of the bigger real estate projects the county is examining include proposals to create up to 2,000 units of housing in Yaphank. Initial plans call for much of this to be affordable housing. Newmark would also provide strategic input as Suffolk County decides the fate of 58 acres of industrial property around Gabreski Airport. Like CB Richard Ellis, the commercial brokerage that is assisting Nassau County with its real estate dealings, Newmark will be paid exclusively through brokerage fees on deals it completes.
Biggest-ever recreation project looms
The eastern Long Island town of Riverhead is starting negotiations with the firm Riverhead Resorts, which wants to purchase a 755-acre vacant parcel in Calverton and build an indoor ski mountain, spa, wilderness resort and campground. The company won the bid for the property with a $155 million offer. The sale is expected to close by year’s end, with construction slated to begin no sooner than 2010. The entire project will take 10 years to complete, Newsday reported.
Houseboat village to be rezoned
Residents of Manhasset Bay, Long Island’s largest remaining houseboat community, are protesting new zoning that would allow residential development on the shore. The new development would threaten the boat slips of the 55 homes, the New York Times reported.
Hofstra opens new real estate studies center
Hofstra University’s Wilbur F. Breslin Center for Real Estate Studies opened last month with hopes of fostering a better understanding of issues such as zoning law, market forces, taxes and other real estate-related areas.
Initial academic offerings are slated to include a land-use training program, a panel on green building and a conference on Long Island redevelopment.
Breslin, an 80-year-old developer who is credited with some of Long Island’s biggest commercial projects, is a former board member at the university. He donated $2.25 million to help fund the center and has raised more than $30 million while serving as chairman of Hofstra’s capital campaign.