Jan

29

Builder Can Cancel Nets’ Brooklyn Arena Plan

Posted by Stephen Rhodes under Main 

?????????? Barclays Center, proposed home for the New Jersey Nets?

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.”



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