Struggling Economy Complicates Future Of Lighthouse Project

Under Current Plans, Lighthouse Would Employ 75,000 Construction And Related Workers

Islanders Owner Charles Wang and RXR Realty Chair & CEO Scott Rechler hope that their Lighthouse Project development "will be able to reap the benefits of an improving economy," but experts indicated that it is possible that the "recession's effects could linger for years, permanently changing the prospects for the project," according to Randi Marshall of NEWSDAY. Project officials claim that the Lighthouse Project, which includes an updated Nassau Coliseum, is "necessary for future growth" on Long Island. Long Island Association Chief Economist Pearl Kamer, a consultant on the project, said, "As Long Islanders, we have no choice but to look over the valley of the recession and decide what policies and what programs should be implemented today to give us a better future. Hopefully, over the 10-year cycle of the Lighthouse, you will see improved financial conditions here and abroad." However, experts noted the current economy makes the project "far more complicated." The recession "puts more pressure on Wang and Rechler to bring the project, with its 75,000 construction and related jobs over the course of the 10-year buildout and millions of dollars for the region, to fruition." Nassau County Deputy County Exec for Compliance Marilyn Gottlieb: "It's a very important part of the economic engine of Nassau County." Long Island Regional Planning Board Chief Planner Seth Foreman said, "Right off the bat, I'd say there's only a [10-20%] chance that it looks something like what's on paper." Meanwhile, though it "seems Wang and Rechler have broad community support," the "biggest concern, by far, is how Wang and Rechler will get the financing they need" (NEWSDAY, 3/23).

BREAKING POINTS? Nassau County Exec Thomas Suozzi Friday on WFAN-AM criticized Hempstead Town Supervisor Kate Murray for "not coming to his office for a meeting on the project" later Friday afternoon. Suozzi: "I'm not a developer; I'm the government, a colleague. We should be trying to work it out." Wang has said that he "wants to know the status of the project" before the '09-10 NHL season. Suozzi, Wang and Rechler Thursday will hold a public meeting "they hope will kick off a campaign to get the town to speed up the approval process" (NEWSDAY, 3/21). Meanwhile, in N.Y., Nicholas Hirshon cites sources as saying that N.Y. city officials in charge of the proposed Willets Point redevelopment near Citi Field "would entertain bids from the Islanders" if the team decides to leave Long Island. Sources said that the city's Economic Development Corp. is "intrigued by rumors the Isles may relocate" (N.Y. DAILY NEWS, 3/23).