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Sunday, August 2, 2015
Forest City Ratner to develop Coliseum site
(Page 2 of 3)
Masao Katagami/Herald
Bruce Ratner has been chosen as the developer of the Nassau Coliseum site.

The minimum annual rent of $4 million is $1.4 million greater than what MSG was proposing, said Mangano, and the $195 minimum rent throughout the 34-year lease was more than $80 million than what the county would accrue from MSG, according to the county’s financial adviser, Public Financial Management.

In making its decision, Mangano said his RFP committee studied the two companies' programming, financing and marketing abilities, as well as their past performance, and determined they were “neck and neck.” The decision he said, then “turned to the economic benefit for the county.”

Representatives from Forest City Ratner will join county officials outside the Coliseum on Friday afternoon for a second press conference, at which Mangano said a more specific construction timeline would be revealed.

Bruce Ratner, executive chairman of Forest City Ratner, said he would commit $229 million to his proposed renovations, which would reduce seating in the arena to 13,000 and add an outdoor amphitheater, a movie theater, a bowling alley, a House of Blues or a Filmore Theater, and retail space. The project would take an estimated 15 months.

Ratner’s proposal would bring the New York Islanders to the arena for six games per year, and it would also host Nets practices, boxing, lacrosse, arena football, college basketball and minor league hockey.

Representatives from Forest City Ratner could not be immediately reached for comment.

Mangano said he called both Bruce Ratner and MSG president Hank Ratner — who is of no relation to Bruce — 10 minutes before Thursday’s press conference to inform them of his decision. "I thanked them for their commitment to Nassau County,” Mangano said.

Comments

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bfalsitta

Why can't we have the Islanders all year round? This is where they belong. The people want them here wher they should be. Don't know if anyone will go there nw that the Islanders are gone.

Thursday, August 15, 2013 | Report this
bfalsitta

Will it be built to withstand a Tornado or severe Hurricane?

Thursday, August 15, 2013 | Report this
COMEDY101

Mr Mangano , if you cared about the residents of Nassau County this could have been accomplished two years ago.

A folly election that cost the taxpayers over 2 million was the best you could do. You wanted us to finance 400 million .

You should be ashamed of yourself. You like all politicians care about politics not people.

Thursday, August 15, 2013 | Report this
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