Belmont Development Project Moving Forward

A New York State panel has given the last set of approvals needed for a massive development project at Belmont Park, an effort that could also prod along long-discussed plans for sweeping improvements at the adjacent Thoroughbred racetrack.

The state Franchise Oversight Board Aug. 13 unanimously approved various resolutions needed for construction to begin on a $1.3 billion development project—including a new arena to be the future home of the NHL's New York Islanders—on 43 acres of state-owned land at the Belmont facility.

NYRA, which once owned the land, has been among the supporters of the project, though final details on an agreement over parking for the track, especially during large racing events such as Belmont Stakes Day, are still to come, state officials said.

The project recently was approved by the state's economic development agency. The Franchise Oversight Board, which was created in 2008 to monitor NYRA's finances after the racing corporation was given a 25-year franchise extension, needed to take a half-dozen different actions to complete the Belmont approval process, including transferring ownership of the development parcel from its control to the state's Empire State Development agency.

It is uncertain when construction will begin on the 19,000-seat arena and accompanying retail, hotel, and entertainment space.

Robert Williams, head of the oversight board as well as the state's gaming commission, told his fellow board members that the Belmont project will eventually lead to the creation of 2,000 permanent jobs.

The oversight board Tuesday approved resolutions for the project pertaining to an environmental study and a guarantee that the development area off the racetrack's grounds will not be used for the simulcasting of any horse racing. The board also adopted some changes to the 2008 NYRA franchise agreement to permit the development to move forward, as well as terms of what would happen if NYRA is ever replaced during the course of its present 25-year franchise agreement with the state or if racing should ever end at the track.

The project is being developed by New York Arena Partners LLC.

Williams said the 2008 ground lease agreement between the state and NYRA permits the Franchise Oversight Board to recapture a portion of what has become largely unused land at Belmont provided NYRA is given 30 days' notice. That happened June 28, Williams said, when NYRA and the oversight board agreed to change NYRA's license to make the new Belmont project a final reality.