Jay-Z In Talks To Revamp NY's Nassau Veterans Memorial Coliseum

"The Great Gatsby" World Premiere - Inside Arrivals

By Maurice Bobb

Don’t let anyone fool you, it’s always that first mulit-million dollar building that’s the hardest to erect. Now that the Barclays Center is up and running in Brooklyn, Jay-Z is on to the next. Warren Buffet's hip-hop protege is part of a group seeking to renovate Nassau Memorial Coliseum just outside New York City proper.

The Roc Nation Sports agent, who recently signed the WNBA’s next star, Skylar Diggins, attended a meeting Thursday (May 2) on Long Island, where Nassau Country officials briefed the media on four proposals to renovate the arena and surrounding property.

The NHL’s New York Islanders calls the 40-year old arena home, but they are moving to Brooklyn in 2015. Officials have sought to revamp NMC for years with various remodeling proposals and now Jay, along with business partners Bruce Ratner and Brett Yormark, have submitted an official bid on the project.

Under Jay’s proposed plan, UMC would be downsized to 13,000 seats. Additionally, a 2,500-seat outdoor amphitheater and 50,000 square feet of retail space would be built on-site. According to the plan, construction would take 15 months and cost upwards of $229 million.

After the 30-minute presentation, "The Great Gatsby" soundtrack’s executive producer posed for photos but did not speak. Country officials plan to decide on the winning bid this summer.