Forest City Ratner Chair & CEO Bruce Ratner yesterday "submitted formal plans for redeveloping Nassau Coliseum and the surrounding land that include a downsized arena, restaurants and retail, with construction planned to begin in August," according to Marshall & Brodsky of NEWSDAY. A "broad conceptual master plan for possible future development" included in the submission "calls for more than 3.4 million square feet of development across 91 acres." Ratner and Nassau County Exec Edward Mangano "submitted the master plan and an environmental analysis" to the Town of Hempstead, which "has to conduct an environmental review and approve the plans." Ratner yesterday said that the timetable "will be unaffected by his ongoing battles" with New York-based developer Ed Blumenfeld, who "was brought on to handle retail development at the site." Ratner's submission notes that a renovated Coliseum "will be reduced to 13,000 seats from its current capacity of more than 16,000." But the plan also stated that Ratner in the future "might request the town 'consider an expansion of seating at the Coliseum back to existing capacity.'" Mangano said the plan "provides the opportunity for a professional ice hockey team" to play at the Coliseum. But he "would not answer a question about the team's possible return to Nassau." Marshall & Brodsky report the portion of the plan that "would be built immediately involves 17 acres and will include a renovated 416,000-square-foot Coliseum and eight new buildings, comprising 188,000 square feet" (NEWSDAY, 4/15).
ALL SYSTEMS GO: On Long Island, Paul LaRocco reports county lawmakers on Monday "voted 17-2 to amend the lease with Ratner for redeveloping" the Coliseum property. The amendment will allow Ratner "to use a federal program that provides visas to overseas investors, largely located in China, who finance job-creating projects" in the U.S. Forest City Ratner said that in exchange for the lease amendment, which "will lower" financing costs, the developer "will increase its investment in the Coliseum" from $229M to $260.5M, "largely to provide higher-end amenities" (NEWSDAY, 4/15).
