WANG, MANGANO ISSUE JOINT STATEMENTHempstead plan rips up the Lighthouse Project

Tuesday, 11:15 am: Here is the complete statement issued by Nassau County Executive Edward Mangano and Charles Wang’s Lighthouse Development Group:

 

The effort between the New York Islanders and Nassau County to keep the Islanders where they belong started in 2003. Given the financial position of the County, the Islanders developed a plan to fund the transformation of the Coliseum. The plan, which came to be known as the Lighthouse, included additional development necessary to fund the construction and other expense of a new home for the Islanders.

 

While we have not yet had the time to review the “new vision” just released by Supervisor Murray and the Town of Hempstead for the re-development of the Coliseum site, it does not appear to achieve the goals of the County and the developer. Without this, the Town of Hempstead’s “new vision” looks to be economically unviable for both the developer and the owner of the site.”

 

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12:00 am: As written here on Friday night, the Town of Hempstead has cut Charles Wang’s county-approved Lighthouse Project in half. There is a ToH press conference Monday at 11:00 am, but as expected, Newsday confirms all our details (subscription needed). The LHP’s 2,306 residential units have been dropped to 500. As PB forecasted, Hempstead is selling the idea of 5 million square feet, but that includes parking. Finally, as broken exclusively on Point Blank, the Lighthouse Development Group and the office of Nassau County Executive Ed Mangano issued a joint statement slamming the pushback: “The Town of Hempstead’s new vision looks to be economically unviable to the developer and owner of the site.” Comments.