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April 1, 2011
Forest City Ratner News Release: "The Arena Can Wait. Affordable Housing Now!"
via Develop Don't Destroy Brooklyn
This shocking news release from Forest City Enterprises just landed in our mailbox.
FOREST CITY ENTERPRISES
NEWS RELEASE
The Arena Can Wait. Affordable Housing Now.
Forest City Ratner Prioritizes Affordable Housing Over Barclays Center Arena In Brooklyn Atlantic Yards Project
CLEVELAND, Ohio and BROOKLYN, New York - April 1, 2011 - Forest City Enterprises, Inc. (NYSE: FCE.A and FCE.B) today announced that the Barclays Center Arena for which it broke ground just over one year ago, is going on the backburner so the development firm can break ground on the affordable housing units it has long promised to construct for Brooklyn.
Bruce Ratner, chairman and chief executive officer of Forest City Ratner Companies, the company's New York-based subsidiary, and other Forest City executives, were joined by New York Governor Andrew Cuomo, New York City Mayor Michael Bloomberg, Brooklyn Borough President Marty Markowitz, Barclays PLC President Robert E. Diamond, Jr., NETS investor and cultural icon Shawn "JAY-Z" Carter, and many other community leaders to happily announce that they realized the depravity of constructing a money-losing, billion dollar arena in the middle of housing crisis and will immediately commence construction of affordable housing towers.
Click through for the rest of the release.
Posted by eric at April 1, 2011 11:48 AM