Mikhail Prokhorov and Bruce Ratner have teamed up once again to make more big moves in the state of New York, this time out on Long Island. The duo first brought the Barclays Center and Brooklyn Nets to Brooklyn and has now been selected to renovate the Nassau Coliseum. Prokhorov and Ratner are part of an ownership group called the Barclays Center/ Forest City partnership. This group beat out Madison Square Garden for rights to the property.
The group has big plans for the renovation including reducing the capacity to 13,000. This will make the arena much more ideal for concerts. The ownership group has selected SHoP to be the architects for the project. They also were in charge of the Barclays Center. Former Nets owner Jay-Z will also help with designing and booking the new arena.
The new Coliseum will initially bring in a minimum of $4 million a year to Nassau County and will approximately bring an extra $334 million to the area over a 49 year period.
The only question is how long will it take for the renovations to begin? Right now the New York Islanders agreement with Nassau County has them under contract until 2015. However, it is likely the owner and the county will come to an agreement to begin construction earlier. There is a chance that the Islanders officially move into the Barclays Center next season.
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