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The Nassau Coliseum opened in 1972 and previously hosted minor league hockey prior to the awarding of the Islanders franchise. It is currently the third-oldest arena in active use by an NHL team, and is generally considered to be obsolescent. In late September, 2004, Islanders ownership announced a very ambitious project to rennovate the Coliseum and add housing units (including affordable housing units) and an adjacent tower, at a projected overall cost of approximately $200,000,000.