Wednesday, 31 July 2013 12:34
Plainview-based Renaissance Downtowns CEO Donald Monti recently announced that after evaluating the final two proposals to redevelop the Nassau Coliseum, he has endorsed The Madison Square Garden plan as ‘the one that will deliver the most benefits for Long Island.’ Monti has proposed a $600 million technology development for the 77-acre Nassau County Hub property that is home to the coliseum, and according to Monti’s spokesperson Brandon Palanker, they are ‘the designated master developer – selected through a competitive RFQ (request for quotation) process’.
The other proposal is by Forest City Ratner Executive Chairman Bruce Ratner, developer of the recently constructed Barclay’s Center in Brooklyn, and Blumenfeld Development Group’s Ed Blumenfeld, who recently joined forces following Blumenfeld’s original proposal not selected as a finalist by Nassau County Executive Ed Mangano.
At the official announcement of their partnership earlier this month, Ratner said their plan does not contain vacant space for additional development, to which a Vice President of Blumenfeld Development Group David Blumenfeld said they are interested in talking with Monti.
MSG’s plan re-imagines the Nassau Coliseum site, and includes working with all key stakeholders on Long Island, which Palanker commented on further: “Renaissance Downtowns will collaborate with MSG to solicit feedback from and explore opportunities to work with other key Long Island institutions to seek mutually beneficial ways to deliver greater overall benefits for Long Islanders.”
The effort contemplates identifying ways in which the Coliseum site and institutions and developments, such as the soon-to-be revitalized Hempstead Village, Museum Row, Mitchell Park, Hofstra University, and Nassau Community College can strategically complement and enhance one another.
“The selection of the developer, and their ability to deliver on their promises, will be vital to ensuring a successful future for the Nassau Coliseum. After thoroughly evaluating the proposals, it is clear that no one has a better track record than MSG at successfully revitalizing venues. In addition to undertaking four building restorations, MSG has two decades of experience operating award-winning, best-in-class venues and a history that includes generating significant bookings growth at each venue it acquires,” Monti said.
The Madison Square Garden Company President and CEO Hank Ratner stated: “As we’ve said all along, our team has the necessary experience, talent and resources to deliver on our promises. We know our plan provides the greatest reward with no risk because taking existing buildings and making them great is exactly what we do.”