The New Coney Island - Brooklyn's Times Square by the Sea

Wednesday, January 29, 2014

WSJ - Amphitheater

The demolition—carried out by developer Coney Island Holdings, a subsidiary of commercial real-estate investment firm iStar Financial STAR +1.80% —was one of the first steps toward building a $53 million, 5,000-seat amphitheater.

The amphitheater will be operated for 10 years by iStar Financial. The city owns the garden's plot of land, and iStar will sell the land around the garden to the city for $16.1 million, a city official said.

The venue is scheduled to open in 2015 and no shows have been booked yet, said Marty Cottingham, a spokesman for Coney Island Holdings. "This project will change Coney West. With jobs, with development, with opportunities for the local folks that they deserve," he said. 

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