RXR's Lighthouse Development News Update...
Lighthouse Development Group, LLC, a joint venture between RXR Realty, LLC and Charles Wang, the Founder of the Lighthouse project and owner of the New York Islanders and New York Dragons, has been designated the exclusive developer of the Coliseum site and has entered into a Development Plan Agreement with the County of Nassau.
The Lighthouse project is the transformation of the Nassau Veterans Memorial Coliseum site and surrounding area into a modern 24/7 suburban center. The centerpiece will be a revitalized arena for the New York Islanders and New York Dragons, surrounded by exciting residential neighborhoods, lifestyle retail and entertainment venues, a sports technology center, multi-purpose athletic complex, state-of-the-art conference and exhibition facilities, a baseball stadium, and the first 5-star hotel on Long Island. The estimated $2 billion project is expected to generate almost $60 million of annual real estate tax revenue. An expected 16,000 construction jobs, thousands of permanent jobs and many new businesses will be created. Overall, the Lighthouse project will add more than $200 million of incremental revenue over the next 25 years to the County and the State from the renovation of the Coliseum alone and keep the New York Islanders on Long Island for decades to come.
View Development Details
9/14/2007
LI Bizcast
The newest edition of LI Bizcast, the official podcast of Long Island Business News, is live with a conversational look at this week’s feature stories.
In this episode, real estate ace David Winzelberg reports on the slow-going status of the Nassau Coliseum redo, as well as the myriad ideas surrounding it.
