Tue 29 Jan 2008
Builder Can Cancel Nets’ Brooklyn Arena Plan
Posted by Stephen Rhodes under Main
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An interesting twist has been discovered in the original plans for the New Jersey Nets’ proposed new arena in Brooklyn, New York; according to the New York Post, Bruce Ratner, owner of the Nets, can pull out of the $4 billion Atlantic Yards project for Brooklyn without incurring any penalties.?
Specifically, the developer did not sign any binding contracts for the state-approved project or drew on hundreds of millions in government subsidies, according to officials familiar with the project.? This development comes a day after the Post reported that dragging litigation and a regressing credit market could jeopardize the developer’s ability to secure financing to build an arena for the Nets and 16 skyscrapers with residential and retail space in Prospect Heights, a Brooklyn neighborhood.? Despite that news, Bruce Bender, a vice president for Ratner’s firm said that, “Atlantic Yards will be become a reality.”
