UNIONDALE, N.Y. (CBSNewYork) – With the New York Islanders heading to Barclays Center in Brooklyn in 2015, the search is on for a replacement for the decaying Nassau Veterans Memorial Coliseum.

The latest proposal is to replace it with a five-million-square-foot biotech campus, a $2 to $3 billion development that would include bioscience technology, health care, and sports medicine.

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Developer Don Monti has proposed linking the campus by rail or bus to a new 92-acre retail, residential, and commercial Hempstead village development.

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He told the Wall Street Journal, “the project would help keep young people in the region and generate new tax revenue sources.”

The proposal would be financed with both private and government funding.

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Do you have an idea for what should replace the Coliseum? Please share it below.