Islanders get approval for $1.3 billion arena project

The New York state board responsible for economic development has approved a $1.3 billion project to build 19,000-seat arena that will be the new home of the New York Islanders as well as a 350,000-square-foot entertainment complex, according to a report by Newsday.

On Thursday, the six-member Empire State Development board unanimously voted for the project proposal by New York Arena Partners, which also includes a 250-room hotel and 43 acres of parking on vacant, state-owned property at Belmont Park on Long Island.

“We are proud of the open, public process this project has gone through over the last two years, strengthened by the input and support of community members who made their voices heard and helped improve the plan, resulting in today’s positive outcome,” said ESD board chairman Howard Zemsky in a statement following the vote.

“We are committed to continuing to work with New York Arena Partners, community members, and local leaders to deliver on the thousands of jobs and billions in economic activity this project will create.”

The report also estimates the new Islanders arena is expected to cost $955 million and is anticipated to open in the fall of 2021, ending a decade-long search by the Islanders for a new arena.

Last year, New York Gov. Andrew Cuomo brokered a deal for the Islanders to split games between Barclays Center and the Nassau Coliseum while they await the opening of the Belmont arena. Cuomo announced plans for the arena project in December 2017.

The project is still subject to an environmental review by the state Franchise Oversight Board.

—Field Level Media

Source >>> Originally published at here

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