May 16, 2009 10:33 am US/Eastern
Atlantic Yards Project To Break Ground This Year
NEW YORK (CBS) ―
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Atlantic Yards (file)
CBS
Developer Bruce Ratner said he is ready to break ground on a Brooklyn arena for the New Jersey Nets this year after an appeals court struck down a challenge to his Atlantic Yards project.
Ratner said he plans to begin building the $800 million arena this year after issuing bonds to finance the project this fall.
The state Supreme Court's appellate division on Friday struck down an opponents' lawsuit that sought to stop the state from using eminent domain to seize property where the 22-acre Atlantic Yards project is slated to be built. The opponents say they will appeal.
The $4 billion project includes an office tower and more than 15 apartment buildings. Opposition lawsuits and financing difficulties have delayed the project for years.
The Barclays Center, the proposed new home for the Nets, would bring major league professional sports to Brooklyn for the first time since the Brooklyn Dodgers moved to Los Angeles after the 1957 season.
(© 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 This material may not be published, broadcast, rewritten, or redistributed.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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