The published reports quote Bruce Ratner, CEO of FCRC as saying that construction on a $950-million basketball arena for the Nets would start by the end of the year. The arena was to be surrounded by the office tower, known as Miss Brooklyn, and three residential buildings in the first phase of the project.
Daniel Goldstein, a spokesperson from Develop Don't Destroy Brooklyn, an organization protesting the project, says that "Atlantic Yards cannot be built as planned, and was never financially feasible. The economic downturn has served to make that crystal clear. Our elected officials cannot allow our public resources, as well as eminent domain, to be used to construct an arena. We call on the city and state to work with the community to develop the rail yards in a responsible manner, without destroying the existing neighborhoods in the process."
Ratner says in a prepared statement that the company "remains committed to Atlantic Yards in its entirety and our investment in Brooklyn and the city is a long-term one."
Goldstein believes that due to the increase in the cost of the arena, the project may have to go back for review and a vote by the Public Authorities Control Board. The PACB is comprised of Gov. David Paterson, Assembly Speaker Sheldon Silver, and Senate Majority Leader Joe Bruno, and requires a unanimous vote.
When the project was unveiled in 2003, it was projected to cost around $400 million. In mid-2005 it that cost rose to $435 million. It was approved at the end of 2006 at $637.2 million. And now, according to the developer in the published reports, the arena would be much costlier at $950 million.
"Besides facing a new review by the PACB, Forest City Ratner does not own the land it needs to build the arena," according to DDDB attorney Jeffrey Baker. A FCRC spokesperson tells GlobeSt.com simply that the company "expects to open the arena in 2010."
DDDB legal director Candace Carponter says that the expected fall groundbreaking for the arena is not possible based on the new review required by the PACB, the eminent domain lawsuit, the environmental lawsuit, and the economic environment. "It's pure fantasy."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
