Developer Bruce Ratner and Nassau County Executive Mangano, last month, invited media to a tour of the Nassau Veterans Memorial Coliseum construction site and an introduction to the overall project.
Representatives of some of the projects’ architects spoke during the tour about plans for the exterior, the lobby interior and the New Entry Area Lounge Space – to name a few. They displayed renderings of some of the interior redevelopment including a redeveloped concourse.
County Executive Mangano said he was very excited to see the progress that has already been made by Bruce and his team, as well as all the members of the construction crews that are working here at the site. And he congratulated the developers on what they have accomplished to date and what you will accomplish in the months to come.
Much of the old has been removed – from seats to walls to bathrooms. But the core of the Coliseum remains and will be the foundation for the new Coliseum.
The developers said construction of the new Coliseum is scheduled to be completed in March of 2017, if not sooner, but that delays are common in this type of gut renovation, of such an old building. Work has to be done very methodically– especially when it comes to finding and appropriately remediating asbestos in the building. They say they’ve done extensive asbestos removal and removed 1,000 tons of debris.
When asked about the Islanders, Ratner said the plan is for the team to play 6 games a season at the new Coliseum. Minor league sports will also have a home at Nassau Coliseum, including the new NBA D-League team and the Long Island Nets.
“NEC is creating an amazing new venue that we have been waiting a very long time for,” County Executive Mangano said.
• Construction groundbreaking took place November 5, 2015 transform the outdated arena into a world-class sports-entertainment destination.
• The new venue will retain its history of honoring our veterans while sharing revenue with taxpayers. The venue and its surrounding retail will employ 2,700 people and provide $10 billion in economic benefit to Nassau County and the State.
• When complete, the Coliseum will host hundreds of events annually, including:
o six NY Islanders games,
o a Brooklyn Nets preseason game,
o minor league sports,
o college basketball – including the Kentucky Wildcats,
o as well as star-studded concerts and family-fun entertainment.
• $260 million in private investment from NEC is being used to upgrade the 43-year old Coliseum and surrounding plaza. No tax dollars are being used to construct either project.
• $194.5 million is the minimum guaranteed revenue the County will receive during the 34-year lease term with NEC.
o Simply put, the County will receive a minimum of 8% of gross revenue or $4 million annually, whichever is greater; plus $400,000 annually from the retail component or 8% of the gross, whichever is greater.
• Payments began pre-construction in August 2015 and will be used to help us keep County property taxes down.
• $3.7 million in annual sales taxes from the arena will be generated, along with an estimated $2.7 million in annual sales tax from new retail and entertainment surrounding the area.
• The Coliseum will continue to be owned by the taxpayers.
• The County sheds significant costs.
o NEC accepted all costs and responsibility for operating, insuring, maintaining and providing utilities for the Coliseum on August 1, 2015. Utilities alone cost Nassau over $2 million last year.
o This agreement provides direct financial relief to taxpayers by eliminating millions of dollars in annual expenses for utilities, parking lot repairs and capital expenditures.
In the coming months, work will begin on the surrounding plaza, which will include, among other things, a movie theater, family sports and entertainment facilities, and restaurants – complemented by cutting edge medicine at the new Memorial Sloan Kettering Cancer Center.
“The transformation of the Coliseum into a great modern entertainment venue right here on Long Island will attract world class acts and events like never before,” he said. “The new Coliseum will be the anchor of a rebirth of the entire Hub area, with additional entertainment and related businesses, such as restaurants, coming to the site.”
“Residents will truly benefit from the added economic activity and hundreds of jobs that this project will create for our Nassau County economy.”