Long-awaited renovations to the aging Nassau Veterans Memorial Coliseum are officially underway following a ceremonial groundbreaking Thursday afternoon in Uniondale.
According to a press release from Nassau County Executive Edward Mangano’s office, the renovation of the 43-year old Coliseum and construction of its surrounding retail and entertainment center is expected to create more than 1,035 direct construction jobs, and more than 570 additional indirect and induced jobs in Nassau County.
Mangano, Bruce Ratner, developer of Barclays Center, and other elected officials were on hand to kick off the construction.
“This wonderful coliseum is being built with private dollars,” Managano said. “A $260 million investment. This is only the beginning as the property will be further developed to create healthcare-related jobs, including Memorial Sloan Kettering Cancer Center and other exciting initiatives.
The renovation will also generate more than $330 million in economic activity for the County, the release said.
The Coliseum is scheduled to reopen in winter of 2016.
On August 4, the release said, the project’s construction team fully mobilized on site, completed an extensive program of environmental testing and conducted pre-demolition activities, such as exterior sign removal, food service equipment disconnects, and furniture and fixture removals.
“There were very few bumps,” Ratner said. “We said we take over the Coliseum in August. We did that. We started all of our environmental work and then we closed before our deadline.”
The architect for the Coliseum facade is SHoP Architects, the architect for the interior renovation is Gensler, and the construction manager is Hunt Construction Group, according to the release.
The $260 million that Mangano referenced comes in private investment from Nassau Events Center and is used to fund both the Coliseum and the retail center, the release said.
No tax dollars are being used to construct the Coliseum and its surrounding retail and entertainment center, the release said.
Under terms of the agreement, $194.5 million is the minimum guaranteed revenue the county will receive during the 34-year lease term with NEC.
Payments began pre-construction in August 2015, and will be used to keep county property taxes down, according to the release.
Additionally, the release said, $3.7 million in annual sales taxes from the arena will be generated, along with an estimated $2.7 million in annual sales tax from new retail and entertainment surrounding the area.
The Coliseum will continue to be owned by the taxpayers, and Nassau County taxpayers will shed significant costs related to operating the arena, the release said.
On August 1, 2015, NEC took responsibility for all costs related to operating, insuring, maintaining and providing utilities at the Coliseum, according to the release.
Additionally, the release said, the agreement provides direct financial relief to taxpayers by eliminating millions of dollars in annual expenses for utilities, parking lot repairs, and capital expenditures.
When complete, the release said, the Coliseum will host hundreds of events annually, including six New York Islanders games, a Brooklyn Nets preseason game, boxing, minor league sports and college basketball, as well as concerts and family-fun entertainment.
“We are thrilled to bring an exceptional guest experience and a dynamic and diverse slate of events to the reimagined Nassau Coliseum,” said Brett Yormark, CEO of Barclays Center. “From sports, to music, to family entertainment, to outdoor festivals and other special events, our soon-to-be-announced programming schedule will complement the local audience and bring the best to Long Island.”
In the months after construction of the Coliseum begins, work will begin on the plaza surrounding the arena to build a movie theater, family sports and entertainment facilities, and restaurants, the release said.
“Long Islanders have waited far too long for a premier entertainment destination that they can be proud of,” Ratner said. “Today marks an important milestone and step forward in delivering a state of the art entertainment venue and retail destination that will truly have an incredible impact on the region.”
