BSE Global and RXR Realty, the proposed master developers of the Nassau Hub Site, the land surrounding the Coliseum, have signed an agreement with Northwell Health to explore the development of the Northwell Innovation Center as part of the development of the proposed Nassau Hub site.
The next step is for the parties to develop formal plans for the up to 225,000 sq/ft Innovation Center, to be located at the corner of Hempstead Turnpike and Earle Ovington Boulevard, across from the Zucker School of Medicine at Hofstra/Northwell.
Once those plans are completed, BSE and RXR will evaluate the projected costs associated with the project and work with Northwell to capitalize the project in a manner that is financially feasible and acceptable to all parties.
Northwell, the largest private employer in New York State, is looking at leveraging opportunities coming out of the expanding life sciences sector, where employment has grown at a rate 2.5 times faster than the rest of the economy over the past two decades.
The Innovation Center would include a mix of laboratory space, functions needed to support clinical and medical research activities, and facilities that may accommodate a range of exhibition, education, training and conference activities.
The goal is to bring together unique scientific and medical programs that will complement the current life science investments on Long Island, spur the creation of new businesses in cutting-edge fields, serve as a magnet for established industry leaders and continue to grow and house facilities to showcase, both to the public and the business community, the innovation taking place at the Innovation Center and throughout Long Island.
“The addition of Northwell to the Nassau Hub is a major step in advancing the plans for this development and unlocking crucial state funding,” said Brett Yormark, CEO of BSE Global.
“This announcement aligns with our strategy to create a new suburbia surrounding NYCB LIVE’s Nassau Coliseum that promotes synergy between the arena and the development.”
“Northwell’s new Innovation Center at the Nassau Hub site is the latest step in turning nearly 70 acres of parking lots into a new transformative live, work, play community in the heart of Nassau County,” said RXR Realty CEO Scott Rechler.
“Northwell’s presence at the Hub will no doubt help solidify Long Island as a national leader in the field of life sciences.”
“As the population ages due to medical advances that have reduced mortality and increased longevity, the life sciences sector will continue to experience robust and sustained growth for years to come,” said Northwell Health President & CEO Michael Dowling.
“Establishing a presence in such a strategically important location as the Nassau Hub is an intriguing opportunity, considering Northwell’s strengths in clinical care, medical education, research and workforce development strengths, and our entrepreneurial success in creating and investing in new start-up companies that are uniquely positioned to benefit from life sciences investments.”
In August, BSE Global announced its intention to exercise the right contained in its Nassau Coliseum Lease with the County to develop the property around the arena and selected RXR as its development partner.
The new Innovation Center, along with other aspects of the proposed Nassau Hub development, will be subject to review and approvals from the Nassau County Legislature, the Town of Hempstead, and other local government bodies and agencies.
Northwell is focused on the Innovation Center supporting a combination of the following objectives:
- Opportunities for the commercialization of scientific discoveries with the goal of creating new business enterprises and attracting or co-locating, existing commercial enterprises to the area;
- House specially designed facilities to educate and train the next generation of health professionals by providing an environment where technological and research breakthroughs can be integrated into simulated treatment environments;
- Offer educational programs geared towards exposing local elementary, high school and college students to the work taking place within the Innovation Center.