Results tagged “barclaysarena”

When developer Bruce Ratner dropped architect Frank Gehry's designs for his beleaguered Atlantic Yards project in Brooklyn, the reversal was derided as a "stunning bait-and-switch" by the Times architecture critic. Adding insult to injury, the preliminary rendering for the less expensive Nets arena, designed by Midwestern arena designer company Ellerbe Becket, resembled a banal brick airplane hanger perfect for youth hockey and flea markets. But the Observer now reveals that Ratner has brought in hot New York architecture firm SHoP to work with Ellerbe Becket on the $800 million arena and, presumably, put some new lipstick on this boondoggle. (SHoP's the firm that did the pipe dream designs proposed for a new South Street Seaport; Curbed has compiled more of their work.) Yet another round of new renderings are expected to be released this month, so prepare to be pandered to all over again! In the meantime, Ratner is hustling to sell $700 million in bonds to investors before the end of the year in order to qualify for tax-exempt status, while also preparing for the next legal hurdle in October, when the state’s highest court will hear arguments against the use of eminent domain for the project.

The perpetually embattled Atlantic Yards project—now in the cross-hairs of the state's highest court—still has die hard supporters, but even some are confessing their disappointment. Developer Bruce Ratner's plans have been dramatically downsized from what was proposed back when he was first wooing allies in 2004, and it's unclear when the promised affordable housing and jobs will materialize. Rev. Herbert Daughtry of the Downtown Brooklyn Neighborhood Alliance still backs developer Bruce Ratner, but tells the Daily News he's come to accept the many shortcomings: "Everybody wishes it would be what was originally planned, but given the realities the project had to face, it's a wonder that it's still there. I think it's the best we can do at this point." Less tolerant is Assemblyman Hakeem Jeffries, "The promises made by this developer have disappeared like a house of cards." Last but not least is Councilman David Yassky, who initially supported the project but has since soured on it: "The MTA changing the deal just added insult to injury. This was already a bad deal for taxpayers and now it's an appallingly bad deal." Meanwhile, Ratner insists the underwhelming new renderings released last month were "premature."

During the past week or so, developer Bruce Ratner had finally seemed to have a little wind in his sails as he pushed forward with his $4.2 billion odyssey to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn. The MTA agreed to a sweetheart deal to sell him the Vanderbilt Railyards, and the Empire State Development Corporation [ESDC] brushed off demands that Ratner resubmit his heavily revised plans for another full public review. But now the whole project is back to being embattled, as the state's highest court has agreed to hear the eminent domain lawsuit brought by opponents who say the ESDC is trying to seize private property to benefit Forest City Ratner, not the public. In May, a state appellate court unanimously rejected the lawsuit, and Ratner's attorneys expressed great confidence that the Court of Appeals wouldn't hear the case. At the time, Ratner said, "I’m honestly overjoyed. This is a weight off my back." Now the weight's back on, and, since the court operates on its own timeline, some wonder whether a ruling will be issued within enough time for developer to meet a year-end deadline to secure tax-free arena financing.

Late last month, architect Frank Gehry dismissed more than two dozen staffers working on designs for the embattled Atlantic Yards project in Brooklyn, the Wall Street Journal reports. The terminations came despite the fact that most of the proposed $4.2 billion project—which would include a Nets basketball arena, office towers and thousands of apartments—has not been designed, as Develop Don't Destroy points out. Both Gehry Partners LLP and Forest City Ratner, the company behind the project, declined to comment. But earlier this month Forest City abruptly stopped work at the site, and they don't even have the $100 million to buy the Vanderbilt Rail Yard from the MTA. In a thorough article in this week's Observer, the venture is viewed as being on the verge of "collapse," and Bruce Ratner "seems to be rushing to patch a leaky dam." Ratner may clear the last of his legal hurdles next year, but it's unclear if he'll have the financing to move forward in this current economy.

In a striking reversal, developer Bruce Ratner has halted work at a location that is integral to his controversial $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn. Ratner has previously insisted that work would continue despite lawsuits attempting to stop the project, even vowing to break ground on the stadium this month. Now a spokesman for his comany, Forest City Ratner, tells the Daily News that "preliminary construction" at the MTA-owned Vanderbilt Rail Yards is being put on hold.

Two years after the IRS proposed tightening rules governing the use of tax-exempt bonds, officials have finally issued a ruling that comes as a huge relief to developer and Nets' owner Bruce Ratner, who has been counting on raising up to $800 million in tax-exempt bonds to pay for a new Brooklyn arena. Though the IRS ruling limits the way tax-exempt bonds can be used in the future, the regulation doesn't apply to "certain projects substantially in progress." That includes not just the Nets arena, but also the new Yankees and Mets stadiums, which are being built with more than $1 billion in tax-exempt bonds and will now take advantage of the ruling to issue more bonds, according to the Times.

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.

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.

In the event of a terrorist bombing, Frank Gehry’s design for the Nets stadium at Atlantic Yards is too close to the curb for comfort, according to Alan Rosner, a retired strategic and business analyst. Gehry’s latest vision for the stadium is less than 25 feet from the street, and though it would use more metal than the previous glass version, Rosner says it isn’t any safer: “Gehry's use of odd angles, dead spaces, hollows and overhangs means that should there ever be a car or truck bomb, the effects would be amplified. According to FEMA, reflected blast waves can be ten or more times as powerful as the initial explosive force.” He's calling for a new environmental review. [Atlantic Yards Report]

Today the Supreme Court declined to hear an appeal by 11 Brooklyn property owners and tenants whose homes and businesses would be razed to make way for the $4 billion Atlantic Yards project. Coincidentally, today marks the third anniversary of the Supreme Court’s narrow 5-4 ruling in the case of Kelo v. City of New London, which affirmed the government’s power to use eminent domain to accommodate private development.

Unnamed sources are telling the Jersey Star-Ledger that Bruce Ratner, principal owner of the New Jersey Nets, has secretly met with the owners of the New Jersey Devils and Newark mayor Cory Booker to discuss selling the Nets and moving them to Newark. If true, it would signal the end of Ratner’s troubled bid to relocate the Nets to downtown Brooklyn, where he is trying to build a controversial $4 billion stadium, residential, office and retail complex on 22 acres of land.

Two bombshell articles in the Times today may mark a turning point for Bruce Ratner’s plans to build a Nets arena at the Atlantic Yards. Now that Ratner is backpedaling from his initial plans to build 8 million square feet of office space and apartments – some of it for low-income residents – community activists are worried that Ratner will sell off the rest of the site to other developers, replacing Frank Gehry’s comprehensive design with a hodge-podge of expensive condos or barren land. Develop Don’t Destroy Brooklyn’s [DDDB] Daniel Goldstein says:

The [Times] article makes clear that Atlantic Yards cannot be built as planned, and was never financially feasible. The economic downturn has served to make that crystal clear. Our elected officials cannot allow our public resources, as well as eminent domain, to be used to construct an arena--which only benefits Bruce Ratner--surrounded by vacant lots.

Developer Bruce Ratner has turned gloomy about his $4 billion project to turn the MTA Atlantic rail yards in downtown Brooklyn into a sports arena, office and residential complex designed by Frank Gehry. In an exclusive interview with the Times, he expressed confidence that construction on the Barclays arena would start by the end of the year. But the "centerpiece" office tower called Miss Brooklyn and three residential buildings that were supposed to be built in the first phase of the project will be postponed for years. And the percentage of affordable housing originally planned has been dialed back.