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November 13, 2008
Barclays Reaffirms Support Of Atlantic Yards Project
Financial Firm Is OK With 2009 Groundbreaking Date
Brooklyn Daily Eagle
by Raanan Geberer
Even as observers speculate about the effect of the economic crisis on Forest City Ratner’s Atlantic Yards arena-highrise project, Barclays Thursday reaffirmed its commitment to the arena, to be called the Barclays Arena, the intended home for Bruce Ratner’s Nets basketball team.
The announcement by Forest City Ratner also said Barclays has affirmed its commitment to “the updated timetable for a 2009 groundbreaking.” As recently as May, Ratner had vowed to break ground on the arena in the fall, according to the Daily News.
...Of particular interest in Thursday’s announcement was the statement, “In addition to its naming rights commitment, Barclays continues to play a major role as the co-lead in the financing of the Barclays Center.” A spokesman for Barclays did not answer questions, but Barclays, of course, is heavily involved in the financial industry.
Dan Goldstein of Develop Don’t Destroy Brooklyn, one of the major groups opposing the Atlantic Yards project, commented, “They [Forest City] don’t have the land, they don’t have the money. I’m not sure what Barclays is committing itself to, except for a money pit. Forest City also said they would begin the project in 2006, so we’ll see what happens.”
A spokesman for Forest City Ratner was unavailable for comment Thursday.
NoLandGrab: Let us get this straight — Forest City issued a press release, and then was "unavailable for comment?"
Posted by eric at November 13, 2008 9:21 PM