Construction work has commenced on a privately-funded $260 million renovation and development of the Nassau Veterans Memorial Coliseum property in Uniondale, N.Y.
A Nov. 5 groundbreaking ceremony commemorated the start of project, which involves renovating the 43-year old arena that housed the National Hockey League's New York Islanders before their move to the Barclays Center in Brooklyn this summer. The refurbished Nassau Coliseum, which is scheduled to be completed next year, is to host hundreds of events annually including minor league sports, college basketball, concerts and family entertainment. The Islanders are also slated to play six games a season in the arena, whose seating capacity is being reduced from around 16,000 to 13,000.
"This new Coliseum will host many, many events and bring joy and entertainment to our residents for many years to come as well as create jobs and opportunities," said Nassau County Executive Ed Mangano at the ceremony. "We have a great deal that has been structured here in a wonderful public-private partnership that is going to bring entertainment and sporting events for years and years to come."
The development is being spearheaded by Nassau Events Center, which is led by Bruce Ratner, developer of Barclays Center and Brett Yormark, CEO of Barclays Center. Russian billionaire Mikhail Prokhorov, owner of the National Basketball Association's Brooklyn Nets and his Moscow-based Onexim Sports and Entertainment has assumed an 85% stake in the project.
The Coliseum development also includes plans for a plaza surrounding the arena that will contain a movie theater, entertainment facilities and restaurants. Nassau County will continue to own the 77-acre property, but NEC took on responsibility for all costs related to operating, insuring, maintaining and providing utilities at the Coliseum on Aug. 1. County officials said the agreement provides financial relief by eliminating millions of dollars in yearly expenses for utilities, parking lot repairs and capital expenditures.
A $260 million private investment from NEC is funding the Coliseum transformation and new retail center. Under terms of the agreement, Nassau County will receive $194.5 million in minimum guaranteed revenue during a 34-year lease term with NEC and at least $4 million annually. An additional $3.7 million in annual sales taxes from the arena will also be generated along with an estimated $2.7 million in yearly sales tax revenue from new retail and entertainment businesses in the area.
The Coliseum renovation and building of the new retail and entertainment center is expected to create more than 1,035 direct construction jobs, and more than 570 additional indirect and induced jobs in Nassau County. County officials also expect the construction to create more than $330 million in economic activity for the region.
