(Mineola, NY - Thursday, November 10, 2005) During a public meeting at Nassau County Police Headquarters, Assembly Hall today, the Lighthouse Development Group, LLC, a joint venture between Charles Wang, owner of the NY Islanders (NHL) and NY Dragons (AFL) and Reckson Associates Realty Corp (NYSE: RA), Long Island's largest landlord, again, spelled out their vision to transform the Nassau Veterans Memorial Coliseum in Uniondale, NY and the remainder of the 77-acre site into a mixed-use, modern suburban center.
Speaking before the Nassau County Executive and a panel of advisors, Charles Wang, founder of the Lighthouse Development Group and Scott Rechler, President and CEO of Reckson, demonstrated that their partnership brings together two of the most dedicated members of the Long Island community in their desire to make a difference in their own backyard for today and for generations to come. "Scott and I have the vision, we have the resources and we have the commitment to make this project a reality," said Charles Wang.
The $1.5 billion project earmarks over $320 million to transform the Coliseum without any monetary contribution from Nassau County. The Lighthouse development proposal is a 5.5 million square foot Master Plan, poised to make over the surrounding community into a modern suburban center integrating the Long Island Marriott and Reckson's Omni and Reckson Plaza properties. Plans for development of the site include concepts that will spur new industry, tourism and greater opportunities for all Long Islanders.
The Lighthouse plan is not about any single building. It is about a vision to develop an exciting suburban center for Nassau County that is distinctive and enhances the County's suburban way of life by providing housing, retail, hotels, entertainment, jobs and people places that will continue to attract our children back to Long Island. The Lighthouse will be certain to attract events that would not otherwise consider Long Island as a destination point. Transformation of the Coliseum will ensure that the NY Islanders remain on Long Island through 2025 and will make the Coliseum the first choice in the New York Metro area for world-class entertainers to showcase their talents.
The Wang-Reckson team is uniquely positioned to make this project a success. With ownership of the Islanders and 2.6 million square feet of adjacent Class A office space, the partners have the flexibility necessary to ensure the success of this project.
Charles Wang explained, "We understand that successful development requires a willingness to listen to the needs of the local community. With that in mind I have already met with thousands of Long Islanders and dozens of community groups. I have chosen a partner in Reckson who has been a model of community based development on Long Island for the past five decades. If we are selected for this project, you have our commitment that we will work hand-in-hand with the Town of Hempstead to make this vision a reality."
Scott Rechler added, "The County Executive and the Legislature must determine if they agree with our fundamental vision for Nassau County's suburban center. They need to determine who has the financial capacity and expertise to execute this plan, and who is best aligned with the County's citizens to ensure this project is completed in a manner that enhances our community. I believe the answer to these questions is Wang-Reckson."
About The Lighthouse Development Group
The Lighthouse Development Group is a private enterprise of Charles B. Wang. The corporation was formed to develop and execute a plan for the redevelopment of the Nassau Veterans Memorial Coliseum and surrounding properties. For more information about the Lighthouse project, please visit www.lighthouseli.com.
About Reckson
Reckson Associates Realty Corp. is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, leasing, financing, management and development of Class A office properties.
Reckson's core growth strategy is focused on the markets surrounding and including New York City. The Company is one of the largest publicly traded owners, managers and developers of Class A office properties in the New York Tri-State area, and wholly-owns, has substantial interests in, or has under contract, a total of 89 properties comprised of approximately 18.5 million square feet. For additional information on Reckson Associates Realty Corp., please visit the Company's web site at www.reckson.com.
CONTACTS:
Laurčne Gros-Daillon, The Lighthouse Development Group, LLC (516) 501-6870
Rick Matthews, Rubenstein Communications (for Reckson) (212) 843-826
