Thread: News Article: Balsillie back in the bidding
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08-06-2009, 05:26 PM
  #55
LTL
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Quote:
Wang's NYI "Light house Project" renovation

The Lighthouse Project of Long Island is a $3.7-billion complete rebuilding of the current Nassau Veteran’s Memorial Coliseum located in Uniondale, N.Y. The project is touted to bring jobs, tax revenues, tourist attractions, housing and much more to the Island, but now is facing yet another block in what has already been a long road. The project has faced much criticism from the Town of Hempstead as well as many Long Islanders who feel it will just create traffic, pollution and noise. The project had started to move when the Town of Hempstead approved the first portion and let the project go on to phase two: an environmental review.

Now Charles Wang, the founder of the project as well as the owner of the New York Islanders, is having second thoughts. According to an article by Newsday, Wang is tired of sinking $20 million to keep the NHL Islanders, who call the Nassau Coliseum home, “afloat.” Nassau County Executive Tom Suozzi and Wang had an agreement that Wang would put forth the money to keep the Lighthouse Project going because they both felt it was beneficial to the team as well as the Island. Wang is expecting to be paid back in full, but unsure that he has made the right decision.

According to Nick Giglia, a blogger from Bellmore who has been following the Lighthouse Project since its announcement, says many people from Long Island have a fear of “sixth borough-ism” where people feel the traffic, noise and people will overcrowd the Island, causing a lot of confusion and more of a city-type atmosphere though the project is expected to create jobs, attract young people and still stay on the property that the Coliseum is currently on. The development will be an all-inclusive area, meaning that people will not have to do much traveling outside of the development. Therefore, the traffic, noise and movement of people will not skyrocket, proponents ssayd.

Many people feel that the problems with the Lighthouse project are Charles Wang’s fault, yet according to Newsday, while the economy was booming, they asked Wang to resubmit a development plan. Furthermore Henry Holley, from the Holley Group Inc. who is a consultant for the project, says that it is a matter of “us having to look at it differently, five years ago, we did not hear anything about the economy being the way it is today, we didn’t have to deal with the issues of the banks being in trouble, the insurance being in trouble, the car dealers in trouble, the stimulus money, so we are living in a time that we have to think outside the box.”

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Even in an already existing NHL market he will use tax payers money.

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