Crisis calls for visionary thinking, says Rechler CEO

Real Estate Weekly, Oct 29, 2008

Scott Rechler, chairman and CEO of RexCorp Realty LLC and principal of Lighthouse Development Group, in a keynote speech before the Nassau Council of Chambers of Commerce, emphasized the importance of investing in Long Island's future by promoting visionary thinking and a renewed sense of community purpose.

Given that Long Island is at the "epicenter" of the nation's financial crisis, it's crucial that all public and private sector leaders work constructively to spur innovation and ensure a profitable future for small businesses, homeowners and future generations of local residents, he said.

"Historically, Long Island has done best in moments of adversity," Rechler said. "We face a housing crisis and high living costs. At this time, we need a clear plan to compete, attract and continue to grow existing business on Long Island. We need to be proactive as a community to weather this economic crisis and become stronger together."

In the face of these challenges, it's critical that the entire community focus on the important role the Lighthouse at Long Island will play as a catalyst to bolster employment and economic growth throughout the region. It's projected that the project will create 50,000 construction and construction-related jobs for Long Islanders over the build-out period. As it expands, the project will generate an estimated 20,000 permanent jobs along with an additional $70 million in new tax revenues each year.

"We need community transforming projects that will create jobs, new tax revenues and housing," Rechler said. "Projects that make our communities stronger will bring people to shop in your businesses and in our downtowns."

As an important early step, local elected officials must help secure the necessary approvals to improve the region's infrastructure and promote continued business development, Rechler said.

"We are working with Long Island's entire Congressional delegation as well as many local leaders on infrastructure and roadway improvements," Rechler said. "All of those involved see these improvements as a far-sighted investment in Long Island future."

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