$2B Lighthouse Plan Moves Forward

UNIONDALE, NY-Lighthouse Development Group LLC, a joint venture between Long Island-based RexCorp Realty LLC and Charles Wang, owner of the New York Islanders and New York Dragons, has unveiled a team of environmental planners, architects, and engineers for the Lighthouse project. The team will create an integrated design for the multibillion-dollar project on the site of the current Nassau Veterans Memorial Coliseum.

The Lighthouse Project, as GlobeSt.com previously reported, is the transformation of the Nassau Veterans Memorial Coliseum site and surrounding area into a modern suburban center. The centerpiece will be a revitalized arena for the New York Islanders and New York Dragons, surrounded by residential neighborhoods, lifestyle retail and entertainment venues, a sports technology center, multi-purpose athletic complex, conference and exhibition facilities, a baseball stadium, and the first five-star hotel on Long Island.

The estimated $2-billion project is expected to generate almost $60 million of annual real estate tax revenue. An expected 16,000 construction jobs, thousands of permanent jobs and many new businesses will be created. Overall, the Lighthouse Project will add more than $200 million of incremental revenue over the next 25 years to the county and the state from the renovation of the Coliseum alone and keep the New York Islanders on Long Island for decades to come, according to a company statement.