NEW YORK CITY-Forest City Enterprises has provided additional information on its pending joint venture with Shanghai-based Greenland Group for the development of Atlantic Yards. The two companies announced earlier this week the closing of a definitive agreement for the joint venture, which is expected to close in mid-2014.

Under the terms of the definitive agreement, Greenland will make a capital contribution at closing of approximately $200 million in exchange for a 70% equity interest in the project—excluding Barclays Center and B2, the first residential building. Going forward, both companies will invest and share development risk in proportion to their respective ownership stakes on the entire remaining project, including infrastructure costs and vertical construction for both phase one and phase two.

Total estimated site acquisition costs, net of the potential impairment disclosed in Forest City's third-quarter earnings release and filings, are expected to be approximately $1.3 billion. In addition to costs incurred to date, these include projected costs to complete the MTA permanent rail yard, construction costs for the platform above the yard, acquisition of additional land and air rights, as well as other anticipated costs, excluding vertical development.