The partners will jointly develop residential, commercial and retail components of the plan for the area surrounding the Nassau Veterans Memorial Coliseum, home to Wang's two sports franchises, the New York Islanders and New York Dragons. The JV is pulling together the 77-acre Coliseum site with the 14-acre Marriott Hotel site, which Wang is under contract to acquire. The site is located near the approximately 2.6 million sf of class A office space owned by Reckson. That includes the EAB Plaza which Reckson is currently under contract to acquire.
Scott Rechler, Reckson's president and chief executive officer, says the Lighthouse project is "a crucial part of the future of Nassau County and Long Island." The effort still needs approval from town and county authorities. If it wins those approvals, work on the project is expected to begin in 2006 or 2007 and be completed in 2009. The entire Lighthouse project is expected to take between eight to 10 years to complete.
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