Islanders' owner Charles Wang and real estate partner Scott Rechler share a vision of turning the dilapidated old hockey barn known as Nassau Veterans Memorial Coliseum into the stylish anchor of a sports and entertainment complex at the heart of their Lighthouse Project development in Uniondale. If the approval process goes well, the Islanders could find themselves in a new ice palace as soon as November 2010. But if the plans they filed late yesterday with the Town of Hempstead meet opposition strong enough to kill the project, then the future of the four-time Stanley Cup champion franchise might be in jeopardy. Billionaire Wang has deep pockets and a commitment to Long Island, but after weathering losses of $15 million to $20 million each year since buying the team in 2000, even he has a limit to how long he can hold out if there's no Lighthouse at the end of the tunnel. "Everyone asks me that question," Wang said when asked recently if there is a point at which he would have to move or sell the team. "I've been here on Long Island for 55 years. I don't want to go anywhere else." "Yes, there is a point. But the last thing I want is for anything to be construed as a threat. If I wanted to, I could have made threats a long time ago. We've got to get it done. Lou Lamoriello got it done in New Jersey, and Bruce Ratner is getting it done in Brooklyn. We've never been this close before."