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Signs of Renewal on Long Island

HEMPSTEAD, NY-Despite a few recent high-profile blows, there is promise that the area could see a surge in biotechnology and tech research.

By Cody Lyon | Updated on October 23, 2009

HEMPSTEAD, NY-Early this month, in Nassau County Executive Thomas Suozzi and the Lighthouse Development Group announced a proposed lease agreement for the massive mixed use Lighthouse project, a planned mixed use development surround the Nassau Coliseum in the Town of Hempstead. The new agreement, was for a sports transaction and ground lease for the 77 acres surrounding the Nassau Coliseum, home to the New York Islanders hockey franchise.

Lighthouse Development Group is the joint venture headed by Islanders owner Charles Wang and Scott Rechler, CEO and chair at RXR Realty. The group seeks to build over 2,000 units of housing, retail and entertainment venues along with office space, a sports technology industry incubator, exhibition facilities as well as a multi-million dollar renovation of the existing 1970s-era coliseum. The group also plans a five star hotel, said to be Long Island’s first, and it’s all reportedly set to be done in eight to 10 years, provided all the necessary zoning and environmental impact approvals are granted by the Town of Hempstead. Before that stop, the project had already essentially been stalled for five years before Nassau County’s governing body gave its green light to the project developer.

As RXR CEO and Chair Scott Rechler told GlobeSt.com in early October after the proposed lease agreement was announced, “it has been a lot of work to get a fully negotiated lease with Nassau County.” But, he said, “we still need to get the municipality to provide the zoning approval. We’ve got to get over a roadblock in that.” He added, “whenever you deal with these things, you get concerned that politics gets in the way. So until something’s actually done, you just never know.”

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