Bloomberg Anywhere Bloomberg Professional About Bloomberg


 
Nets to Break Arena Ground This Year, Play in 2011, Ratner Says

By Larry Siddons

May 17 (Bloomberg) -- The New Jersey Nets intend to break ground for an arena in Brooklyn this year and begin to play there in the 2011-12 National Basketball Association season, owner Bruce Ratner said.

Ratner, the chairman and chief executive officer of Forest City Ratner Cos., said in a statement that a New York State appeals court ruling on May 15 cleared the way for construction of the complex that includes the planned $800 million Barclays Center arena.

The statement said Ratner is “confident the project would break ground this year, with the intent that the Nets will play ball in the Barclays Center in the 2011-2012 season.”

The Nets play in the Izod Center in East Rutherford, New Jersey. Ratner plans to move them to New York’s Brooklyn borough and play in the arena that will be part of a $4 billion complex of apartment buildings, office towers and entertainment sites at Atlantic Yards.

The appeals court struck down a lawsuit by opponents of the Project seeking to block the state from using eminent domain powers to seize the property.

The Associated Press said the opposing group plans to appeal.

For related news & information: NBA news: {NI NBA <GO>} NBA playoffs news: {HOOP <GO>} Nets news: {NI NETS <GO>} Real estate news: {NI REL <GO>} Legal resources: {BLAW <GO>}

Last Updated: May 17, 2009 12:54 EDT

Sponsored links