Economy Could Stall Atlantic Yards Project

NEW YORK CITY-Recent published reports indicate that the slowing economy is likely to delay Forest City Ratner’s proposed $4-billion Atlantic Yards project in Prospect Heights, Brooklyn, but a Forest City Ratner spokesperson tells GlobeSt.com that today’s business environment “will not determine the final face of this project or deny the borough and the city its many benefits, including the thousands of units of affordable housing.”

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.”