The owner of the Nets, Mikhail Prokhorov, said the arena could become a milestone in Brooklyn history—like the famous bridge that bears the borough’s name. That claim might sound outlandish, but remember that the arena is part of a larger, even-more ambitious plan to redevelop Downtown Brooklyn. When the entire Atlantic Yards project is done, Mr. Prokhorov’s boast could easily become reality.
The Barclays Center will get another burst of attention on Nov. 1, when the Nets play their first regular-season NBA game against the Knicks. But as the season wears on, attention will focus on the rest of Mr. Ratner’s vision. He plans to build a series of more than a dozen buildings on 22 acres surrounding the arena. Ground will soon be broken for a 32-story skyscraper that will be home to more than 350 apartments—and half of them will be reserved for tenants with low or moderate incomes.
The development will continue to create hundreds of construction jobs in the years to come, and when the project is complete, Downtown Brooklyn will have a new look and a new vibe.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…