Search
 

JV, County Forge Agreement on LI Mega-Project

MINEOLA, NY-A proposed ground lease for the Lighthouse project must still be approved by the Town of Hempstead.

By Cody Lyon | Updated on October 01, 2009

MINEOLA, NY-Nassau County executive Thomas Souzzi and the Lighthouse Development Group announced a proposed lease agreement for the Lighthouse at Long Island mixed-use project here on Thursday. A release from Souzzi’s office says the proposal is for a “sports-transaction” and ground lease for the 77 acres surrounding the Nassau Coliseum. If approved, the lease would keep the Islanders in Nassau County until 2030.

“Both parties in this lease–the county and the Lighthouse Development Group–are dedicated to bringing the benefits of the Lighthouse project to Long Island immediately,” says Michael Picker, president of the Lighthouse Development Corp., in the release. Lighthouse Development Group, LLC is the joint venture head by New York Islanders owner Charles Wang and Scott Rechler, CEO and chairman at RXR Realty.

Lighthouse says its mega-project includes a multi-million dollar renovation of the 1970s era coliseum, over 2,000 units of housing and retail and entertainment venues. Also part of the development are class A office space, what the firm calls an incubator for the sports technology industry, a multi-purpose athletic complex, conference and exhibition facilities, a minor league ball park and a five-star hotel, said to be Long Island’s first. The company says the project will be completed in eight to 10 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.