UNIONDALE, NY-The Nassau County Legislature unanimously approved Forest City Ratner‘s $229-million bid on Monday to redevelop the storied Nassau Coliseum here.
Bruce Ratner, the developer of the Barclay’s Center in Brooklyn where the New York Islanders will play beginning in 2015 after calling the Coliseum home since its opening 41-years ago, presented his plans prior to the vote. The plans call for a sinuous steel latticework shell; an indoor arena reduced to a 13,000-seat capacity from its current 18,000; and new concourses and restrooms, according to the New York Times. An amphitheater that can be converted into an ice rink is also planned, along with a movie theater, restaurants and a bowling alley.
Ratner has said that the Islanders may play a few games at the Coliseum each year once the franchise moves to Brooklyn. The Islander, which won four Stanley Cups in a row in the early 1980s, will call the Coliseum its home ice for the next two seasons.
Forest City Ratner has offered to finance the entire $229-million refurbishment cost and pay Nassau County, which retains ownership of the building, 8% of gross revenue and 12.75% of parking revenue, with a minimum guaranteed payment of $4 million a year. The rental payment will rise 10% every five years during the 34-year lease agreement.
Forest City Ratner still must secure financing and zoning change approvals from the Town of Hempstead. See story in the New York Times.