Earlier this afternoon, Randi Marshall of newsday reported that the task force created by the ABLI for private development ideas for the Coliseum site unveiled their idea today. The cost of this idea would be 347 million dollars and include a RENOVATED Nassau Coliseum not a brand new one like we would've gotten if the referendum had passed. The article states that 100 million dollars will go toward the Coliseum for new seats & suites & to make the structure larger and taller.
I am a little disappointed with that as I personally was hoping for a new one but hey beggars can't be choosers. The other 247 million will be spent on a minor league ball park (don't that sound familiar?), an outdoor ice rink, a parking garage, & retail & restaurant space. The article said that several developers have expressed interest in this. There could be trouble though, because according to the article Wang/Michael Picker hasn't issued comment on this yet. Wang owns a piece of that property. Approximately 7 acres I believe, so any development plans for that property that plan on encompassing the whole property would need to get Wangs blessing.
I wonder what his comments will be on this latest idea!!! For more check out Randi Marshalls article below:
http://www.newsday.com/long-island/nassau/347-million-plan-for-coliseum-site-1.3189037
I think the 100M is 50% of the full renovation cost ABLI is willing to pay as Wang said a Coliseum renovation will cost 200M back in 2006. The problem with this plan is that ABLI will likely want 50% of the revenues of the renovated Coliseum as well as the restricted amount of development.
ReplyDeleteI don't know if you have seen, but last night it was reported by Newsday that this plan will NOT be submitted. Theres a story about it on the top of the site.
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