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Developer Bruce Ratner's plan to build an office tower, 15 apartment buildings and a basketball arena for the Nets in Brooklyn as suffered another setback after a state Appellate Court refused to dismiss a lawsuit filed by nine property owners in the footprint of the project who are challenging the use of eminent domain. Earlier this month, Ratner had vowed to finally break ground in December, despite formidable opposition from community groups and some elected officials.
In light of yesterday's ruling, Ratner says the groundbreaking "may" be delayed another six months. The developer is also waiting for the IRS to rule on whether he can use tax exempt bonds to pay for the $1 billion arena, which he intends to build first. He's also struggling to line up financing for the rest of the $4 billion project, doesn't have an anchor tenant for the office tower, and city officials have not shown much enthusiasm about his recent request for $100 million more in taxpayer subsidies. Still, Ratner says the embattled development will inevitably proceed, issuing a statement promising that "Atlantic Yards will be built and it will create thousands of needed jobs and affordable homes."
Oral arguments in the lawsuit will be heard by the court next March. According to the Brooklyn Paper, some legal experts think the project's opponents have found a “silver bullet” to stop Ratner: a clause in the state Constitution that bars public money from underwriting any urban renewal project unless “the occupancy of any such project shall be restricted to persons of low income.” Though the plan does include some low-income housing, the majority of the residential units would be sold at market rates.
Photo of Atlantic Yards site courtesy the Sun.
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I think I speak for a large population of Brooklynites when I say, "WOO HOO!"
Ratner is an idiot if he thinks it's a good idea to proceed with this project in our current economic situation.
but what about the NETS?!?!?!?!
So...the idea was that development-by-fiat was going to expedite and guarantee completion?
Here's an idea. Scrap the arena (we don't need it added to an already congested area) and up the percentage of affordable housing, maybe people will object less.
NO NO NO to "affordable" housing. Affordable to whom? That's subjective. Go ahead and subsidize low income social problems if you like.
As much as I'd like to see this area developed, this bitch is as good as dead.
And pull your head out of your ass chris. no one said low income. I'd like to move back to the area and be able to buy without spending 750k on a 2 bedroom apt.
I never agreed with bringing the Nets back to Brooklyn Ratner was using this as a ploy to line his own damn pockets. I am grateful the project stalled long enough that no one in their right mind would fund this bullshit
While obviously the term "affordable" can be seen as subjective, there is a legal definition of "affordable housing" in the NY housing code.
Hopefully, this along with the economic implosion will kill this scam once and for all.
To all those who cry about the stupid basketball team, here is a perfectly good arena in Newark.
The Nets play in a good arena already. The owners of these teams want to soak the fans and get corporate money to fuel their greed. With the latest economic news, can even these sports teams survive? Who will be able to afford $200 a seat for the shitty Nets? He wants to use tax exempt bonds as well. Isn't this the same strategy the Yankees used?
I know how Brooklynites can get this delayed even further. Demand that a 9/11 memorial be part of the design and that the families of the victims get to provide input. It would be delayed at least ten years.
Barclays is ready to roll with the project. The project will be held up indefinitely.
I'm against using eminent domain to help the wealthy become wealthier. Since Bloomberg is a free market guy, he should make all developers acquire land on their own means and without government assistance. If he doesn't, he's a hypocrite.
we ought to put SOMETHING there