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May 16, 2009
Ruling could put Ratner's Atlantic Yards project back on track
Daily News
By Jotham Sederstrom
Bruce Ratner says he has cleared the "last hurdle", although, with an appeal promised, another appeal pending and an economy that will make financing an arena difficult, he hasn't.
Developer Bruce Ratner scored a major victory Friday in his plan to build a Nets basketball arena in Brooklyn.
Ratner vowed to break ground this summer on the massive Atlantic Yards development, which also includes residential towers.
"We're very, very happy," Ratner told the Daily News Friday, hours after the court victory. "This is really the last hurdle that we have and now we can do what our company does best and build an arena and houses."
A panel of four New York appellate judges ruled that Forest City Ratner's use of eminent domain to take private property to build a new home for the Nets does not violate the state Constitution.
State officials believe the ruling, one of more than a dozen favoring Forest City Ratner since 2005, removes the final obstacle to construction.
Foes of the project said they would appeal - possibly delaying the project from several months to three years.
Posted by steve at May 16, 2009 6:58 AM