An 800,000 sq. ft. arena in Brooklyn will be the focal point of a $2 billion urban infill project, provided that the New Jersey Nets agree to move to Brooklyn.
The Forest City Ratner Cos. would develop the Brooklyn Atlantic Yards project over the next decade, with renowned architect Frank Gehry designing the arena. The 7.7 million sq. ft. project also calls for the construction of 4,500 residential units, retail and office space. Several acres of open public space will include a park on the arena's roof, complete with an open-air skating rink.
“The Nets will be a huge draw for sports fans from throughout the borough and all of the New York metro area, and we intend to give them a first-class team to root for — in a Frank Gehry arena as dynamic and remarkable as the borough it's named after,” says Bruce Ratner, president and CEO of Forest City Ratner. The arena would be located at the intersection of Flatbush and Atlantic avenues in downtown Brooklyn.
As of mid-December, Ratner was the lead bidder to acquire the Rutherford, N.J.-based NBA team. Ratner says that since the arena is the central focus of the project, the Nets must agree to a new home in Brooklyn for the project to take off.