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Brooklyn Stadium Plans Move Forward

BROOKLYN, NY-The state, city and developer Forest City Ratner sign a memo of understanding that clears the path for the development of the Atlantic Yards project here.

By Barbara Jarvie | Updated on March 04, 2005

BROOKLYN, NY-Forest City Ratner Cos. has signed a memo of understanding with New York State and New York City for the development of the Atlantic Yards project here. The $2.5-billion effort involves the development of a Frank Gehry-designed arena for the New Jersey Nets basketball team as well as an office, retail and residential project at the intersection of Flatbush and Atlantic avenues. Bruce Ratner, president and CEO of FCRC., owns the team.

Under the MOU, the Empire State Development Corp. will act as the lead agency for the purposes of compliance with the State Environmental Quality Review Act, will adopt a general project plan and conduct public hearings. The state and the city will each contribute $100 million in capital contributions to fund site preparation and public infrastructure improvements. FCRC will relocate and reconfigure the Long Island Rail Road Yard and build and maintain the overbuild platform. The rail yard will remain operable through all phases of construction.

The 7.7-million-sf plan, which will take approximately 10 years to come to fruition, also involves the construction of some 4,500 residential units in addition to 2.1 million sf of office space, 3.1 million sf allocated for retail use, open space and parking. The first phase of construction on the arena is expected to begin at the end of this year and be completed in the summer of 2006.

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