RXR Realty has reached an agreement to join BSE Global, the company that operates the Nassau Coliseum, to develop the land around the Coliseum, according to a report in the Long Island Business News.
The $1.5 billion plan would develop 72 acres around the Coliseum into a walkable district including residential, office, research and retail space, according to Newsday. The project, which would be privately financed, is expected to be put before the Nassau Legislature in October.
According Newsday, the plan would name RXR as the “master developer” of the project, which is slated to include 500 housing units, 600,000 square feet of office and biotech research space, 200,000 square feet of “experiential retail,” two pedestrian bridges, two parking garages and a rapid bus connection to the Long Island Rail Road.
The two parking garages, which will contain 3,400 parking spaces, will be built with $85 million in funds provided by the state.
RXR’s bid was one of 17 submitted to Nassau County before Aug. 17. County Executive Laura Curran had issued a Request for Expressions of Interest in June to seek ideas for development, according to Newsday.
BSE had previously teamed up with Blumenfeld Development Group this year to produce a proposal, but the county decided to start the process over by reissuing the RFEI in June. Blumenfeld won a bid in 2013 to renovate the Coliseum.
RXR Realty had previously worked on the Coliseum property over a decade ago, when it partnered with the then-majority owner of the New York Islanders, Charles Wang, on the Lighthouse Project. The $3.74 billion project did not receive approval from the Town of Hempstead.
Reach reporter Luke Torrance by email at [email protected], by phone at 516-307-1045, ext. 214, or follow him on Twitter @LukeATorrance