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Within the last hour, at a press conference from Mineola, Ed Mangano announced that he had chosen Forest City Ratner to develop the Nassau Coliseum and surrounding area. Ratner had been competing with MSG for the bid.
The Ratner plan will cost 229 million and be totally privately financed by Forest City Ratner. Some aspects of his plan include a 13,000 seat Coliseum which can be lowered to 4,000 seats depending on the event. There will also be a 2,000 seat theater similar to Live Nations Fillmore Auditorium, a 2,500 seat outdoor amphitheater, 4-6 Islander home games per year, 1 Nets home game, up to 6 restaurants, roughly 50,000 feet in retail space, and 4-6 big time boxing events among other things. Jay Z's Roc Nation is involved with the proposal and will help in attracting top acts to the arena.
The lease with Ratner is currently 34 years set to begin in August 2015 with an optional 15 year extension. A news conference will be held with Ratner tomorrow from the Coliseum.
For more, check out the Newsday article below: