Developers are upset with the county and feel their proposals never had a shot
Scott Rechler’s RXR Realty has been selected to develop a $1 billion project on the land surrounding the Nassau Coliseum. The plan includes two hotels, 500 apartments, 200,000 square feet of retail space, along with office and biotech research facilities.
Worth Noting: Mikhail Prokhorov’s BSE Global holds the ground-lease to the Coliseum and recently completed a $130 million renovation of the arena. The 16 other developers who submitted proposals feel they never had a shot and were deceived by Nassau County, according to the NY Post.
Legal Corner: In the event of such a development, the lease required the county and Prokhorov to “reasonably cooperate with one another”. RXR wisely worked in conjunction with BSE Global before submitting their proposal as they played a role in the ultimate decision.