Atlantic Yards Development - Commercial, Residential, Retail, NBA Arena

Jersey Journal: In Our Opinion
Nets stuck with Jersey address?

Friday, October 03, 2008

Remember when the New Jersey Nets of the NBA was expected to move out of the Meadowlands Sports Complex to a Frank Gehry-designed arena in Brooklyn?

It is quite possible the Nets will be staying with us a bit longer. The Wall Street crisis and legal problems are close to making a worst case scenario a reality for team owner Bruce Ratner.

Ratner purchased the franchise and used it and the promise of a modern indoor arena as leverage to get New York City and Empire State approvals to construct a billion-dollar-plus project, Atlantic Yards. The complex would include 16 skyscrapers, an 18,000-seat arena for the Nets, and thousands of apartments in Brooklyn.

Last week, Ratner said that the continuous legal battles with those opposed to the project have delayed the arena groundbreaking, once scheduled to open in 2006 and then delayed to 2010. Now the Nets say the arena will be ready in 2011.

At this rate, the Freedom Tower will be filled with tenants before the Nets bounce a ball in Brooklyn.

Four months ago, Goldman Sachs assured that all financing would be in place for a $950 million arena, the Star-Ledger reported. Last week, the financial giant would only issue a "no comment" when asked if the money is there. The Wall Street crisis has put a damper on available credit. Ratner is still hoping the federal government will approve $800 million in tax-exempt bonds backed by the New York City and the state.

As for the Nets, they have been playing in the aging Izod Center that will soon share the neighborhood with Xanadu, a mega-mall. A stone's throw away, the NFL Giants and Jets will be playing in a state-of-art new football stadium.

Having already spent millions, Ratner will not give up his Brooklyn dream. Considering the expensive uphill climb he faces, the Nets owner would be wise to make a deal with the New Jersey Devils for the Nets to play in the new Prudential Center arena in Newark with the idea of keeping the franchise in New Jersey another decade, or longer. Any financing Ratner eventually obtains could go into that part of an already scaled-down version of Atlantic Yards that he cares about - skyscrapers and apartments.

Sounds like a biased opinion (surprise, surprise).

Quote:

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Originally Posted by JCMAN320

Jersey City's Take On This Boondoggle

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No just that papers.

Brooklyn Paper

October 7, 2008

Save the date: DDDB walkathon as Yards looks shaky


By Evan Gardner
for The Brooklyn Paper


The annual walkathon to raise money to fight Bruce Ratner’s Atlantic Yards mega-development is going undercover — under cover of darkness, that is.

For the first time, the four-year-old tradition of marching in and around the footprint of the faltering $4-billion, 16-skyscraper, arena, residential and office space complex will be held at night — with participants carrying candles.

“We’re doing it to shed light on [the developer’s and the state’s] abuses, and we’re hoping that politicians will also see the light,” Daniel Goldstein of Develop Don’t Destroy Brooklyn, one the march’s organizers, said about the twilight gimmick.

DDDB has been fighting the 22-acre mega-project since it was unveiled in 2003 — the heady days of the Brooklyn real-estate boom — and now the group’s battle is reaching a critical phase just as the project appears to be collapsing under its own weight.

Ratner has won virtually every legal round so far — but just as it looked like he would clear a court hurdle, a state appellate panel ruled last month that a key suit would go ahead — with oral arguments next year.

That decision will delay the project for at least another six months, Ratner said — and opponents believe that the faltering economy, a crippling credit crunch, soaring costs, and the reluctance of state lawmakers to provide additional subsidies, will kill it for good.


So that could turn this event from a walkathon to a victory lap.
One thing is for sure, so many people despise this project that it’s even bringing together liberals, conservatives, Libertarians and Greens.

“[We’re joining to] literally walk for freedom and property rights,” said Richard Cooper, a spokesman for the state Libertarian party.

Of course, this event is not just about political parties; the walkathon ends with a dance party at the Brooklyn Lyceum.

— Evan Gardner



©2008 The Brooklyn Paper

snore.

more importantly my heloc rate just dropped below 4%. our economy is F'd.

NY1

Updated 1:04 PM

Brooklyn BP Defends Donations From Atlantic Yards Developer

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Real estate developer Bruce Ratner, and others involved in multi-billion-dollar Atlantic Yards project, have given at least $680,000 to pet projects set up by Brooklyn Borough President Marty Markowitz, it was revealed today.

The New York Post says Nets owner Bruce Ratner and others involved in the $4 billion plan to build a sports arena and office complex, have given at least $680,000 to three non-profits set up by Markowitz.

The paper says the donations helped promote Brooklyn tourism and cultural events.

The government watchdog group Citizens Union calls the donations "a new area of potential conflicts of interest."

Markowitz defended the donations, saying that he has always been a proponent of this project and these contributions had no affect on his support.

"Make no mistake, I advocated for this project with no strings attached, no promise of any reciprocal support whatsoever," he said in a statement. "And I continue to do so adamantly because it will be a major catalyst for continuing what we call the 'Brooklyn Renaissance.'"

Markowitz says he is proud of what his non-profits have accomplished.

A spokesman for Ratner's real estate company says it is very proud to support Markowitz's charities.


Copyright © 2008 NY1 News. All rights reserved.

Bad timing, Marty. No one is in the mood.

He's a lapdog - and a blowhard.

Curbed.com

Landscape Architect Olin Out at Atlantic Yards

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Tuesday, October 14, 2008, by Robert

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Is it rats jumping from Bruce Ratner's (possibly) sinking ship called Atlantic Yards or something else? Noted landscape architect Laurie Olin has confirmed he is off the job: "We enjoyed a supportive and appreciative relationship with the owner/developer, the architects and the City of New York public officials. The current economic turmoil points to the truth that plans of such scope almost inevitably are realized over several economic cycles and must both be able to endure as well as be flexible to change." (Translation: money troubles.) There are also implications that a certain architect named Frank might go (at least, in part) too. [AYR]

And so it begins..:(

Gehry's 79, he'll need Philip Johnson's genes to see this through.

NY Post

BANK: WE WON'T BAIL OUT ON NETS ARENA

By RICH CALDER

Last updated: 11:27 am
November 14, 2008
Posted: 4:50 am
November 14, 2008


Despite the slumping economy, a British bank is standing by Brooklyn's planned Nets arena.

Barclays bank vowed yesterday not to exercise an out clause and kill its record $400 million naming-rights deal for the venue, the centerpiece of developer Bruce Ratner's $4 billion Atlantic Yards project.

The deal was contingent on Ratner's having financing for his entire project - which also includes 16 towers of residential and office space - set by the end of this month. That is now impossible because of pending litigation to block the project.

But sources told The Post that Barclays agreed to an extension.

"Barclays is unwavering in its commitment to the Barclays Center," said Gerard LaRocca, a chief administrative officer for Barclays.


Copyright 2008 NYP Holdings, Inc. All rights reserved.

Curbed.com

Updated On 12/03/08 at 02:34PM

Work stops at Atlantic Yards

Developer Forest City Ratner's subcontractors at the Atlantic Yards site have stopped working. The Empire State Development Corp., which is overseeing the development through the public review process, said the contractors have "done all the preliminary work they can complete until the lawsuits are taken care of." On the sports radio station WFAN, Brett Yormark, president of the Nets, said today he is confident that the arena will be open for the 2011-2012 season.

More at: [Curbed]

The selfish lot that is pushing these lawsuits needs to shoulder some of this risk. Total abuse of the court system.

Curbed.com

Atlantic Yards Turns Five Today: Where's the Cake?

Wednesday, December 10, 2008, by Robert

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Doesn't that Barclay's Center look nice? While December 10, 2003 might not rank up there with Big Days in American history, it will always carry a special meaning for Brooklynites. It's the day when Bruce Ratner, Borough President Marty Markowitz, then-Gov. George Pataki, Sen. Charles Schumer and a host of other luminaries stood on a stage and announced this incredible new thing called Atlantic Yards. There would be a arena for the Brooklyn Nets and a vast complex of buildings designed by none other than Frank Gehry. Millions of square feet of office, residential and arena space to take over the Vanderbilt Rail Yard in Prospect Heights. Thousands of apartments. A whole new city within a city. And--Yes We Can!!!!--the Brooklyn Nets would be playing there by....2006. Err. Oops on that. Try 2011, 2012, 2013 or never.

DDDB sends out birthday greetings this way to our, er, Kindergarten student:

Today we mark five years of fighting what has become the poster child for abusive over-development, development that subverts democracy, eminent domain abuse, bad government, developer and architect hubris, opaque financing, poor planning (etc.) across the city and beyond. Today, as we mark the five year struggle against the project, Mr. Ratner's land grab is at a stand still. While his real estate speculation firm is able to demolish the properties he purchased under the threat of eminent domain, he cannot start construction of his project while it faces two legal challenges in court, and the global fiscal meltdown isn't helping either. And if the plaintiffs win either of those two pending lawsuits, Atlantic Yards cannot be built.

We had a stall. Now we have a halt. Who knows what we'll have on December 10, 2009.