Jun 22, 2009 10:45 am US/Eastern
MTA Reaches New Brooklyn Arena Deal
(CBS)
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Atlantic Yards Development Project.
CBS
Government agencies are set to approve new deals for a $4 billion plan for a Brooklyn basketball arena and thousands of apartments.
But critics say the developer of the New Jersey Nets arena shouldn't get special government favors to build a scaled-down version of the project.
The Metropolitan Transportation Authority -- which owns rail yards where developer Bruce Ratner wants to build -- is announcing a new pact to sell development rights. A state agency also plans to vote this week on financing for the Atlantic Yards project.
The developer recently said it would build a cheaper, scaled-back arena without star architect Frank Gehry. Gehry is no longer designing any of the buildings. Ratner has struggled to find financing for Atlantic Yards in a crippled real estate market.
The Atlantic Yards is a commercial and residential development project of 16 high-rise buildings, currently proposed in the neighborhoods of Prospect Heights and Park Slope.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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