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Forest City Ratner Companies Designated as Development Adviser for Reinvented Nassau Coliseum

Barclays Center Team to Study the Venue

Tuesday, 11.20.2012 / 4:37 PM ET / News
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Forest City Ratner Companies Designated as Development Adviser for Reinvented Nassau Coliseum\r\n

In a joint announcement with Bruce Ratner, Chairman and CEO of Forest City Ratner Companies (FCRC), and NY Islanders owner Charles B. Wang, Nassau County Executive Edward P. Mangano today announced that FCRC has agreed to create and present a strategic Reuse Plan for the Nassau Veterans Memorial Coliseum within the first half of 2013 to help transform the venue into becoming an attractive, state-of-the-art destination for sports and entertainment. Ratner and Wang will consider sports alternatives as an integral part of the ultimate redesign of the Coliseum.

In addition, County Executive Mangano has announced the selection of a Master Developer Team led by Renaissance Downtown for the purpose of coordinating development on the 77-acre Coliseum site while creating jobs, investment, economic growth and revenue to help hold the line on property taxes.

County Executive Mangano stated, “Today will bring Nassau one step closer to ensuring that the Coliseum becomes an attractive destination for Long Island, and an economic generator that creates and retains new jobs and opportunities throughout the Hub. Today we take a step forward toward transforming the Coliseum so that it is positioned to compete for concerts, family shows and expositions as well as professional and collegiate sports, pre-season games and similar programs that generate the type of economic activity to protect our quality of life while creating a destination for job creation and economic activity.”

Optimizing a crucial asset

“The Nassau Veterans Memorial Coliseum has served generations of Long Islanders as a family friendly environment for sports and entertainment,” said Bruce Ratner, the developer and majority owner of Barclays Center in Brooklyn. “We are very pleased to have an opportunity to evaluate what is needed to help restore and refresh the Coliseum. My organization will be taking a comprehensive look at the venue and will develop a series of recommendations that can assist in the long term development of the arena and surrounding property. Our goal is to assist in assuring that Nassau Coliseum remains an asset to the County, books the best acts, remains a destination site for Long Island, and an economic generator that creates and retains new jobs and investments throughout the Hub.”

Wang stated, “We need to get something done with the Coliseum and there is no better person than Bruce to entrust for this project. Bruce is a passionate individual with a proven track record. Once we have his road map, we must work together to bring this to fruition. There are too many jobs at stake and this is too important for Nassau County.”

County Executive Mangano stated, “This unprecedented alliance will leverage the power of our business community and the expertise of successful business leaders for the purpose of reinventing a public asset. With a blueprint for economic and marketing success written by a leader in the private sector we can retain concerts, family entertainment and sports in a transformed Coliseum. We will attract other uses adjacent to the Coliseum that complement existing educational institutions, financial companies, research and development companies, retailers and others who call the Hub their home.”

Entrusted with the economic future of the Hub

Don Monti, President of Renaissance Downtown, was enthusiastic about the alliance and the county’s decision to award his team the designation “Master Developer.”

“This is not just another development opportunity,” Monti said. “We have been entrusted with the future growth of Nassau County. We have been asked to create the foundation for innovation, job growth, investment confidence and economic opportunities. We will not achieve these objectives on our own. We will be joined by an extraordinary team of men and women who are respected in their respective disciplines and will fulfill the instructions of the County Executive in helping build the future.”

Monti continued, “In the weeks and months to come I believe the development community will be excited by the potential of what Bruce, Charles and our team all bring to the table. We envision a solution that creates investment and makes the Hub the destination that we so desperately need for Long Island.

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