Barclays Center, an approximate 20,000-seat sports arena and entertainment complex, will be the crown jewel in Forest City Ratner Cos.' Atlantic Yards development, which received approval from the Public Authorities Control Board last month. Frank Gehry designed the arena.
"We are delighted to put our name to a development that will be a visual and economic landmark in the renaissance of Brooklyn," says Robert E. Diamond, Jr., president of Barclays, in a statement. "This opportunity brings together economic prosperity for Brooklyn and the chance to participate, in a unique way, in the cultural and sporting life of New York." Barlcays US headquarters is in New York City.
No price was released on the naming rights. In November, Citigroup made headlines when it signed a 20-year agreement for the naming rights to the New York Mets new stadium rising in Queens. The deal is for more than $20 million per year, as GlobeSt.com previously reported. That stadium is also expected to open in 2009. Across the Hudson River, Prudential Financial is paying approximately $105 million over 20 years for the naming rights of the New Jersey Devils new hockey arena.
The partnership between the two also includes the formation of the Nets-Barclays Sports Alliance. The nonprofit organization will "promote athletics, education and personal development among young people in Brooklyn," officials say. First on its to-do list is to renovate sports facilities around the borough. The alliance will also sponsor athletic tournaments and clinics.
"With this essential investment in Atlantic Yards and the borough, we are now one step closer to our goal of bringing thousands of jobs, mixed-income housing, and of course, a world-class arena and franchise to Brooklyn," Bruce Ratner, president and CEO of Forest City Ratner Cos,. and chairman of the Nets, adds in a joint statement.
Atlantic Yards will encompass 22 acres. The project will include 16 high-rise buildings, more than 6,000 residential units (including more than 2,000 affordable units), 247,000 sf of retail and eight acres of public parks. In addition, as GlobeSt.com has also reported, it is expected to generate 17,000 new residents, 15,000 construction jobs and 5,000 jobs. The project is also expected to generate $944 million in tax revenues for New York State.
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