$2B Lighthouse Plan Takes Early Flight

(Read more on the multifamily market.)

Lighthouse Project

PLAINVIEW, NY-The revitalization of the Nassau Veterans Memorial Coliseum and the creation of a Long Island destination recently came to the forefront ahead of schedule. The Lighthouse Development Group LLC has filed its application for the 150-acre Planned Development District and rezoning of the Coliseum site and surrounding area with the Town of Hempstead.

The filing marks the start of the official public review and approval process. According to a statement, the Lighthouse at Long Island will be a catalyst for creating housing options, generating tax revenues, job opportunities and attracting businesses into Nassau County and the Town of Hempstead, as GlobeSt.com previously reported.

Lighthouse Project residential

The filing of the plans for the Lighthouse promises yet another milestone for Long Island–reinvention of suburbia, according to a company statement. The proposed conceptual master plan includes a transformed Nassau Veterans Memorial Coliseum, various housing products, office space, complementary retail, conference and exhibition space and Long Island’s first five-star hotel.

“We are proud to present this application to the Town of Hempstead, bringing us closer to making this landmark project a reality,” notes Charles B. Wang, founder of the Lighthouse project and owner of the New York Islanders and Dragons. “The Lighthouse will spark the changes Long Island desperately needs.”

Lighthouse Project retail

The Lighthouse Team has already begun a thorough review of the existing environmental conditions surrounding the site including traffic, access to public transportation, land uses and utilities as well as other considerations which will form the baseline for the preparation of a comprehensive Environmental Impact Statement that will study any impacts associated with the proposal. The public will play a key role in identifying the full scope of the study through the public scoping process which is expected to begin early in the new year.

Lighthouse Project ice rink

“We recognize how important the Lighthouse is to the future of Long Island,” notes Scott Rechler, chairman and CEO of RexCorp and principal of the Lighthouse Development Group. “Moving forward with discussions with the Town of Hempstead will allow us to address the important transportation and housing objectives outlined by the county and to collectively work together to execute on our vision. Further, we plan on continuing our unprecedented community outreach to ensure that we incorporate the best ideas into the design.”