Ratner: NY arena breaks ground this year

May 16, 2009 5:46:11 PM PDT
Developer Bruce Ratner says 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 says 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.


NEW YORK AND TRI-STATE AREA NEWS

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