MSG would spend $250 million for renovations that would result in a 14,500-seat arena. An entertainment complex modeled after the "Power Plant Live" development in Baltimore's Inner Harbor would be constructed nearby and operate year-round.
Company officials -- who detailed their plans to Newsday on Wednesday -- said an arena of fewer than 14,500 seats would be unable to attract top-flight concert acts. A new flexible seating design would allow operators to cordon off different sections of the arena, reducing capacity down to down to 1,700 seats as needed.
Hank Ratner, MSG's president and CEO, said their plan was "realistic" and would transform the region.
"We know we can create a quality sports and entertainment experience which includes the return of professional sports to Long Island," Ratner said. "That can serve as a catalyst to making Nassau County a sports and entertainment destination separate and distinct from New York City -- a destination that provides people, particularly young people, with a compelling set of reasons to come to Long Island and just as importantly, to stay on Long Island."
MSG officials said at least one of its sports franchises -- the WNBA's New York Liberty, the Connecticut Whale, the Rangers' minor league affiliate, or the Erie Bayhawks, the Knicks' D-League team -- would play at the Coliseum.
The Knicks and Rangers would hold open practices at the arena and team players would make guest appearances at the complex. The arena also could host college basketball, professional tennis, wrestling, figure skating and track and field, MSG officials said.
The proposal calls for the replacement of all arena seats and suites, modernizing the concourse and bathrooms, creating a lower-level VIP section, and renovating the arena exterior. Arena parking would be reduced to around 5,000 spots from the current 6,800 spots.
MSG and the Baltimore-based Cordish Companies would build "Long Island Live!," a 150,000- square-foot entertainment complex on the site of the Coliseum's exhibition hall. The venue would feature restaurants, including Long Island's first eatery by chef Jean-Georges Vongerichten, sports bars, bowling and billiards. An "MSG Zone" would have additional bars and restaurants with Garden memorabilia and a studio for live telecasts.
Company officials said the arena would host up to 180 events annually while the complex would generate $11 billion in economic activity over 30 years and more than $300 million in sales and entertainment tax. The project would create 1,200 construction jobs and 2,500 permanent positions, officials said.
Community events, such as free festivals, also would be held at the Coliseum site.
Permitting and construction would take about two years, MSG said.