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November 21, 2009
Atlantic Yards nears its climax
The Brooklyn Paper
By Michael P. Ventura
This article includes a thumbnail history of the proposed Atlantic Yards project and a question as to whether the project (or even just the proposed Nets arena) will ever be built.
In 2003, Ratner finally unveiled his plan for Atlantic Yards — a 16-skyscraper residential, hotel, office and commercial complex with a basketball arena at the core. His goal was to move his just-purchased New Jersey Nets to Brooklyn — a goal that earned him the uncritical support of most of the local elected officials even though some of the people they represent (especially some who were slated to be evicted) opposed it.
The project was approved in 2006, and for a few minutes, it looked like Ratner might actually meet his goal of having a Nets tip-off in Brooklyn by 2009.
Lawsuits followed, but whatever damage they did towards undermining Ratner’s ability to raise money to finance the project, the economy has done most of that job.
To cut costs, Ratner fired the project’s main calling card — architect Frank Gehry. Then, citing his own economic woes, the developer wrested more concessions from the state, allowing him more time to build — and more time to pay for the land on which he intends to do it. Earlier this year, he even sold 80 percent of the team to Russia’s wealthiest man, Mikhail Prokhorov.
It remains to be seen whether Ratner will get shovels in the ground before Dec. 31, his last chance to qualify for tax-exempt bonds to fund the project.
If he misses that deadline, the project could be dead.
Posted by steve at November 21, 2009 6:03 AM