Value engineering and a more traditional design are the order of the day as Bruce Ratner scales back the ambitious Brooklyn Yards project, which includes a new arena for the New Jersey Nets.
Value engineering and a more traditional design are the order of the day as Bruce Ratner scales back the ambitious Atlantic Yards project, which includes a new arena for the New Jersey Nets.
Reports out of Brooklyn have the $4.1 billion scaled back to the point where engineers are evaluating the design from iconoclast architect Frank Gehry to see if it can be built on a smaller budget. And the first step in the process is reviewing the arena design — currently estimated to cost close a billion dollars.
It’s hard to see a billion-dollar arena being built in this economy. First, the lenders are going to be pretty nervous about handing that much money over for an arena — the credit crunch is directly affecting large projects like this. Second, sports teams are bracing themselves for cutbacks, and the New Jersey Nets (NBA) are no exception; with corporations scaling back on entertainment items like luxury suites and premium seating, the cash flow to pay debt on the building won’t be as much as anticipated.
So that’s why a more traditional — and less expensive — design is on the agenda. And with calls for a more traditional Brooklyn design coming from local politicians, the end to Gehry’s cutting-edge design appears to be near.
If you like this story, consider subscribing to the weekly Arena Digest newsletter, which features stories before they are released to the public. And it’s free! You can subscribe here.
