WALK Local News

 

Forest City Ratner Wins Face-Off for New Nassau Coliseum

Forest City Ratner Wins Face-Off for New Nassau Coliseum

Mineola - (WALK) The winner is: Forest City Ratner.  Nassau County Executive Edward Mangano selected chairman Bruce Ratner's proposal for a renovated 13,000-seat arena.  The deal reportedly permits the county to develop the 77 acre Nassau Coliseum property in Uniondale as it sees fit.

The agreement announced Thursday would establish a 34-year lease with Ratner.  The developer would pay for ongoing maintenance and for capital improvements to the Coliseum property.

Forest City Ratner's $229 million proposal was selected in favor of a plan by MSG, who submitted a $250 million proposal Friday.

In addition to the 13,000-seat arena, the Ratner plan features a 2,000-seat indoor theater, restaurants, retail space, an outdoor amphitheater, and an ice-skating rink. 

The deal would reportedly net Nassau a minimum of $4 million per-year, approximately $334 million over 49 years. Ratner has agreed to pay the county 8 percent of all annual, Coliseum revenue, including $1.50 per ticket from events at the Coliseum and 12.75 percent of income from parking fees.

Ratner would reportedly pay at least $50,000 per month to the county is construction has not begun by August of 2015. 

Illustration: Nassau County

 

More Articles