One lucky Contracting Corporation was selected to redevelop the Nassau Coliseum in the coming years. The extensive Nassau Coliseum renovation will be taken on by the Forest City Ratner’s Group who are also responsible for developing the Barclays Center. Their $229 million dollar proposal for the 77 acre plot of land will include a 13,000 seat arena, outdoor amphitheater, restaurants, ice skating, bowling and a movie theatre.
The Ratner Group, also known as NEC, will pay $4.4 million a year in rent annually which was higher than the MSG proposal. Over the course of the 34-year lease, Nassau County could look to make over $330,000 million in revenue. County Executive Ed Mangano has assured longtime fans of the Islanders that they will in fact still play six games in the new arena.
In comparison to the current plan, MSG offered a $250,000 proposal. Both were compelling according to Mangano but in the end NEC offered to accept all costs and responsibilities for operating, insuring, and maintaining the Coliseum beginning August 1st, 2015. In addition to this, they will begin to pay rent during the pre-construction period. These factors were ultimately which tipped the scales in NEC’s favor.
The new Coliseum could take up to two years to complete, pending Legislature approval of the plan. While many long islanders anxiously await the decision only one thing can be certain. The Nassau Coliseum Renovation will only bring more business and prosperity to Nassau County and its residents. Its contractors, like the Forest City Ratner Group, who help get big projects done, and without them society would surely suffer.