Ailing Atlantic Yards development seeks revisions this week
The Atlantic Yards development is losing some of its game.
Developer Forest City Ratner wants the MTA and state official to renegotiate its deal for the $4 billion, 22-acre Nets arena complex, with community groups and some elected officials saying the amended project kills any community benefit.
They are doing some mutant version of what was approved, said Daniel Goldstein of advocacy group, Develop Dont Destroy Brooklyn.In 2005, state and MTA officials gave the green light to redevelop downtown Brooklyn with an NBA arena, 2,250 units of affordable housing and 7 acres of open space. But litigation and the economic downturn delayed the development, and Ratner now is looking to amend the work plan.
Under the revised plan, Ratner would only promise to build one out of the 16 residential and commercial towers. The others will be delayed indefinitely, said Jim Vogel, a spokesman for state Sen. Velmanette Montgomery (D-Brooklyn). Its pretty murky, Vogel said.
Meanwhile, Corporation officials characterized the plan revisions as minor.
Ratner is pushing to start building the arena by December and still hopes to have it open by the 2011/2012 NBA season.
First branded station
The MTA will sell the name rights for its first subway station under the revised Ratner deal. The Atlantic Avenue/Pacific Street station will also be called Barclays Center, after a London-based bank. The MTA will get $4 million over the course of 20 years for the rights.