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That plucky developer Bruce Ratner is still rallying for his $4 billion plan to turn the MTA rail yards in downtown Brooklyn into a sports arena, office and residential complex designed by Frank Gehry! Despite staunch opposition to the project's scale and use of eminent domain by the state, Ratner is promising to break ground on the project in December.
The Times speculates that his latest surge may be explained by his time-sensitive naming rights contract with Barclays Bank, which has agreed to pay $20 million a year to be attached to the arena. But the deal requires Forest City to secure the land and the financing by the end of November.
The Times also learns that because of the tanking bond market and rising construction costs, Ratner has recently asked "government officials" for as much as $100 million in additional cash for the project. (That's on top of the $300 million in subsidies and tens of millions in tax breaks already promised from the city and state.) Ratner is also counting on a favorable ruling from the Treasury Department that would let him use tax-exempt bonds to finance the arena.
If that doesn't happen, what would already be the most expensive arena in the world would get significantly more costly. But there's no indication that Ranter can expect the Treasury Department to rule any time soon; for over two years Treasury officials have been weighing regulations proposed by the IRS that would make it almost impossible for tax-exempt bonds to be used for private sports teams.
All in all, the article is a study in contrasts, with the obstacles facing Ratner seemingly more insurmountable than ever, especially given the tanking economy. Yet the developer seems to be projecting Rumsfeldian confidence, and his spokesman declares, “While it is a tough market, we have secured more than $1.5 billion in construction loans this year so far. And this is the most exciting project in the country and the most exciting arena in the world.” Not so excited, naturally, are community opponents led by Daniel Goldstein from Develop Don’t Destroy Brooklyn: “There’s no way they’ll get control of the land they need, get the financing, end the litigation and break ground by December."
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wtf is that?
the grunge look comes to architecture
it looks like Frank Gehry has never set foot in Brooklyn.
and if it gets built, he better not ever.
At this point, this is a lose / lose proposition for anti-development activists. Either the project breaks ground come December, and development foes lose because the project moves forward, or activists lose because the project falls apart and the land sits vacant and desolate for a dozen years while someone pieces together a new project.
That picture looks like the model was dropped in transit, then hastily put together. Oh wait, it is a Frank Gehry "design".
Hopefully this will just wind up being another Westway.
What a butt ugly pile of shit.
Please Mr RATner, take the shitty Nets over the Nassau Coliseum. They used to play over there in the 1970s. Brooklyn, or any borough for that matter, doesn't need this huge pile of shit dropped down in the middle of it. The city will survive without the Nets and these abominable buildings.
If this actually gets built (and I hope none of it does, and the land gets redeveloped more to the landscape of the surrounding neighborhoods and density), then they'll pit the "Worlds Most Famous Arena" vs. "The World's Most Exciting Arena." I'm sure the Dolans will love that when scheduling concerts, events, etc. around basketball games.
Most exciting arena in the world? I guess they missed that whole 2008 Olympics thing.
I never took architecture classes, but I bet I can slap together something in a few minutes, label it a Gehry design and nobody would be any the wiser except Gehry and his firm.
Time for Gov Paterson to pull the plug on this monstrosity.
PBRK-
"that whole 2008 Olympics thing" is a stadium, not an arena.
That being said, I will agree that the Bird's Nest is far superior to this turd. Ratner should hire the architects of the Bird's Nest for Atlantic Yards. (Herzog & de Meuron - also the architects of 40 Bond)
It looks like Ralph Wiggum made an art project.
12: "It looks like Ralph Wiggum made an art project."
You win.
Frank Gehry haphazardly plays with cardboard and paper forms and then his techie assistant goes over the whole thing with a scanning wand to digitize the forms and the rest becomes...a useless steaming pile. "Fresh Kills Arena" -doesn't that sound better?