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July 27, 2005

MTA to negotiate exclusively with Ratner

NY Newsday
by Joshua Robin

The MTA voted this afternoon to negotiate exclusively with developers planning a basketball arena and high-density residential community on the authority's downtown Brooklyn rail yards, shutting out for now a rival bid that sought a more modest neighborhood on the site.

The 11-1 vote allows Metropolitan Transportation Authority officials to seek more money from developer Bruce Ratner for the Atlantic Avenue site, giving them 45 days to reach a new agreement.

If the deal isn't struck in that time, MTA officials could return to discussions with the rival developer, the Extell Development Co.

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Posted by lumi at July 27, 2005 2:40 PM