This morning the New York Court of Appeals dismissed the last legal challenge to Bruce Ratner's Atlantic Yards project, clearing the way for construction of a new New Jersey Nets arena.
This morning the New York Court of Appeals dismissed the last legal challenge to Bruce Ratner's Atlantic Yards project, clearing the way for construction of a new New Jersey Nets arena.
The decision from the Court of Appeals — the highest state court in New York — dismissed an appeal from opponents of the Atlantic Yards mixed-use development, who argued eminent domain was misused when land was acquired for the project. While there are three other lawsuits pending, none are expected to challenge construction of the project.
Atlantic Yards will be built in phases. The first phase is an 18,000-seat arena for the New Jersey Nets (NBA). Other phases will include apartments, condos and office space. Naming rights for the arena have already been sold to Barclays Bank.
Despite the legal win, construction of the arena is not a sure thing. Ratner and Empire State Development Corp. have until the end of December to float $700 million worth of bonds to finance construction of the $900-million arena. That's a pretty short turnaround for such a massive offering: to make things worse, the bond market is certainly in better shape than it was at the beginning of the year, but things are certainly not to normal. If the bonds aren't sold by the end of the year they lose their tax-exempt status — and that might be enough to kill the entire project.
RELATED STORIES: New Barclays Center designs unveiled, with plenty of flash and access; Ellerbe Becket to oversee Nets arena design; Ratner: We expect to build new Nets arena; Is new Nets arena dead? Yes, says architect; Will new Nets arena be scaled back?
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