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October 26, 2007

Prudential Center timeline

A timeline of events leading up to last night's opening of the Prudential Center arena in Newark includes the near-spoiler, NJ Nets team owner Bruce Ratner, who prefers to use his NBA franchise to spearhead his highly controversial Atlantic Yards project, which, as the largest single-source private development project in the history of NYC, is clearly so much more than just an arena.

Here are some highlights:

Oct. 1997: Newark Mayor Sharpe James makes a pitch to NJSEA officials to get the New Jersey Nets to move to Newark, proposing two downtown sites.
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April 2000: The Nets and Devils agree with developer Jerome Gottesman of Edison Properties to build a downtown arena on a site a few blocks from Newark Penn Station.

June 2001: State and team officials announce that within three years, both teams will play in the new arena and Continental Airlines Arena will be torn down.
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Jan. 2004: Brooklyn developer Bruce Ratner buys the Nets for a reported $300 million and says he plans to move the team to Brooklyn.

Feb. 2004: In a letter to Mayor Sharpe James, Devils president Lou Lamoriello says the team will relocate to Newark for the 2007-2008 season.

NoLandGrab Note: Despite the agreement between the City of Newark and the NJ Devils, Ratner's own economic analysis of a new Nets arena in Brooklyn was based on the assumption that a new Newark arena, a potential competitor for nationally touring shows and regional events, would never happen. Oh well... guess who typically pays for shortfalls in Ratner-owned projects. [Hint]

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Oct. 2005: An official groundbreaking ceremony is held.
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May 2006: In an interview with The Associated Press, Newark Mayor-elect Cory Booker says, "If the project will hemorrhage money for decades, we're gonna stop it." Later, he throws his support behind the arena after the Devils agree to contribute more than $500,000 annually to aid minority business development and recreation and public parks programs.

Jan. 2007: Prudential announces it will pay $105.3 million over 20 years to call the new arena the Prudential Center.
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Oct. 25: The arena opens with a concert by rock band Bon Jovi.

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Posted by lumi at October 26, 2007 7:53 AM