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Edward Mangano, the Nassau County Executive, has chosen his
candidate to renovate Nassau Coliseum. Bruce Ratner has been chosen for the
job, in a deal what could possibly transform the 77-acre property in the middle
of the county and provides Nassau with millions of dollars a year in new
revenue.
Forrest City Ratner’s group, the developer behind the
Barclays center, submitted a proposal that could be worth up to 229 million
dollars. The new renovations would include a 13,000-seat arena, an outdoors
amphitheater, multiple restaurants, an ice-skating rink and a bowling alley or
movie theater.
One of the deciding factors on choosing Ratner’s group was
that NEC’s plan will pay about $4.4 million in rent next year, which was
substantially higher than MSG’s proposal. Mangano stated that over the 34-year
lease span, Nassau County has the potential to make up to $334 million.
For more information on the development of the new Nassau
Coliseum, or any other events happening in Nassau County check out our page at Stober Law.
