Barclays developer wins contract to redevelop Nassau Coliseum
Barclays Center developer Forest City Ratner and Russian billionaire Mikhail Prokhorov have been tapped to take the lead in the long-debated and Nassau Veterans Memorial Coliseum revitalization project.
The Forest City-Prokhorov team, who share ownership of the Brooklyn Nets basketball team, won out over Madison Square Garden (MSG) in securing the much-sought-after contract, by offering Nassau County a greater share of revenues over the course of its 34-year lease, said Nassau County Executive Edward P. Mangano during an August 15 press conference announcing the selection.
Forest City also agreed to share the New York Islanders–soon to be the Brooklyn Islanders–with their original home stadium, at least for four regular season games and two pre- or post-season games, according to 1010Wins.
“We are honored to be chosen to deliver a vibrant attraction for Nassau like never before,” said Forest City Executive Chairman Bruce Ratner. “We are ready to get to work to deliver a world-class Coliseum and a thriving sports, entertainment and retail center that Long Island deserves. Our partnership group is focused and prepared to bring the best to Nassau and to fulfill the county’s goals of vital job growth and significant economic activity.”
The 63-acre Nassau Coliseum project will cost $229 million–of the developers’ own funds–and be designed by SHoP Architects, who will bring a similar Barclays aesthetic of glass-and-steel to the new building(s).
Nassau County is slated to receive an estimated $195 million in revenue over the initial 34-year term from rents, ticket sales, and other agreements, according to Crain’s.
Forest City and Prokhorov also have a 15-year renewal option on their lease.
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