Sources: Mangano to name developer for Coliseum Wednesday
Nassau County Executive Edward Mangano will announce the selection Wednesday of a developer to overhaul the Nassau Coliseum.
Mangano is choosing between two finalists -- Madison Square Garden Co. and Forest City Ratner Cos. -- for the right to renovate the Coliseum and the 77 acres surrounding the arena.
A review committee, composed of county officials, was expected to make its final recommendation to Mangano late Tuesday evening or early Wednesday, with an announcement coming at a news conference in Mineola Wednesday at 11:30 a.m., county sources said. The review committee has been meeting since last weekend.
A second news conference is expected to be held Thursday at the Coliseum with the winning bidder. The two finalists, sources said, have not been informed about the county's decision and are expected to find out Wednesday morning.
While officials would not disclose the identity of the winning bidder, sources said the decision came down to the amount of revenue that the developer will pay Nassau through an annual lease agreement.
Neither MSG nor Forest City Ratner responded immediately to requests for comment.
Last month, Mangano narrowed the field of bidders -- which originally also included Syosset developer Ed Blumenfeld, who now backs Ratner, and Bayville-based Bernard Shereck -- to the two finalists.
After choosing between MSG and Ratner, Mangano will submit the contract to the Nassau County Legislature for approval.
Forest City Ratner's $229 million proposal calls for a renovated 13,000-seat arena, a 2,000-seat indoor theater, an outdoor amphitheater, restaurants, an ice-skating rink, a movie theater and retail space. The plan also allows the New York Islanders to play six home games at the newly renovated Coliseum. The Islanders are planning to move to Ratner's Barclays Center in Brooklyn in 2015.
MSG's $250 million plan calls for a renovated 14,500-seat arena, an outdoor entertainment complex with restaurants, an Islanders-themed sports bar, bowling and billiards. MSG is partnering with Cordish Companies of Baltimore and RXR Realty in Uniondale.
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