First phase of the project to be constructed will be the Barclays Center, an 18,000-seat arena that will eventually house the Nets basketball franchise. Site preparation has been under way for the past six months; Thursday's ceremony marked the start of heavy construction. It is scheduled to open in 2012.

FCRC hopes to begin work on the first residential tower in the spring of 2011; the second tower, six to nine months later; and the third one, six to nine months after that. In a statement, Ratner says FCRC "will work closely with the community to ensure that construction progresses efficiently and with minimum impact on the surrounding communities."

Before the Barclays Center groundbreaking, two street corners full of protestors chanted "Shame on you!" while officials entered the ceremony. They were there to voice their concerns about a lack of affordable housing attached to the development and the eminent domain of residences and businesses in the area.