11/20/12

Nassau To Name Coliseum Developer. Who Cares?

New York Islander Fan Central | 11/20/2012 06:33:00 AM
Long Island Business News: Reports Officials are expected to name a  development team headed by Donald Monti of Plainview-based Renaissance Downtowns has been chosen to redevelop the 77 acres surrounding the Nassau Veterans Memorial Coliseum, according to officials familiar with the plan.

Brooklyn Barclays Center developer Bruce Ratner has also been selected to assess the aging Coliseum and provide an optimization report to the county on how to best market the facility, officials said.

The development group headed by Monti includes RXR Realty, Jones Lang Lasalle and Woodbury-based Spector Group. Nassau County Executive Ed Mangano was expected to unveil the plan on Tuesday, the officials said.

NYIFC Comments: 
The bottom line is Charles Wang signed a twenty five year iron clad lease in Brooklyn starting in 2015-16.

It does not matter if a new Coliseum is constructed or what happens with Charles Wang's hotel or abatement in regard to the New York Islanders beyond his personal finances. Who develops the land or brings in a potential team is now relegated to a footnote unless it's connected to the Islanders at the ECHL level.

It does not matter how much longer Charles Wang owns the team or leaves the Coliseum either sooner or in Sept 2015.

The New York Islanders are finished at the Nassau Veterans Memorial Coliseum.

The Bridgeport Sound Tigers have a binding lease until 2021 which this blog has detailed countless times.

Charles Wang is running/renovating Webster Bank Arena via his sublease. Sound Tiger President/Wang employee, Howard Saffan, pre/post referendum made clear the Sound Tigers are staying in Bridgeport regardless of what happens at the Coliseum.

That's the cold reality regardless where you stand with that decision or who develops what.  

That means regarding developing the Coliseum site in the long-term who cares?

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