Washington Square Partners (WSP) reviewed developer proposals for the Nassau County Legislature (through its Office of Legislative Budget Review), reviewing and analyzing redevelopment proposals for the 77-acre Nassau Coliseum site. The Coliseum site is the key redevelopment opportunity for the entire county. As a fully built-out area, this redevelopment is an opportunity to increase the county's tax base with new mixed use development while fully renovating the Nassau Coliseum, home of the National Hockey League's New York Islanders.

The project includes renovating and expanding the Coliseum as well as creation of a convention center hotel, structured parking, open space, office and residential development. The consulting team reviewed and completed economic analysis of the selected developer's proposal to redevelop the site, estimating the net financial value of each development component, including the number of new jobs generated and new tax revenues. The consulting team utilized this analysis to provide an evaluation of the short term economic impact of the project's construction phase and the long term economic impact of the operational phase, over the proposed 99-year lease. Following completion of this economic analysis, the consulting team reviewed, commented, and provided testimony in front of the Nassau County Legislature on the Memorandum of Understanding. As part of this review, the consulting team provided the Legislature with concepts that could assist in protecting the public interest in moving forward with the transaction documents for the project.

KEY ELEMENTS:

• Redevelopment Plan Review
• Feasibility Analysis
• Proposal Review