Nassau Coliseum plan receives approval; Barclays developer can move forward

September 26, 2013 Heather Chin
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The long-debated Nassau Veterans Memorial Coliseum revitalization project is a go now that the Nassau County Legislature has voted unanimously to approve the joint vision of Nassau County Executive Edward Mangano and Barclays Center developer and co-owner Bruce Ratner.

The news comes just over a month after Ratner and Russian billionaire Mikhail Prokhorov were tapped to take the lead in the project, which will see the 43-year-old, 63-acre space transformed into an events center to host “sports and family entertainment,” a la Barclays.

“Together, we will truly transform the Nassau Veterans Memorial Coliseum into a world-class arena that hosts exciting headliner concerts, the New York Islanders, Brooklyn Nets, New York Yankees’ clinics, a new American Hockey League team, family shows, expositions, and other programs that generate important economic activity,” said Mangano. “The Coliseum will serve as an economic generator for the region while creating new jobs and opportunities for our residents.”

The public-private partnership between Nassau County and Ratner-Prokhorov’s new Nassau Events Center group 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.

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.

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