Stacey Corso is the editor of Real Estate New York.

BROOKLYN, NY-"We are going to get the Nets in Brooklyn if it's the last thing I do," declared developer Bruce Ratner, president and CEO of Forest City Ratner Cos., during a press conference yesterday at Borough Hall.

The developer and architect Frank Gehry, along with a cast that included Mayor Michael Bloomberg, Brooklyn Borough President Marty Markowitz and rap artist Jay-Z unveiled the 7.7-million-sf urban infill arena project, to be called Brooklyn Atlantic Yards. But the Gehry-designed plan, which also calls for the construction of 4,500 residential units, office space and other uses, will come to fruition only if Ratner signs a contract to buy the New Jersey Nets professional basketball team from current Nets owners Lewis Katz and Ray Chambers.

There will be no development if the Nets don't move to Brooklyn, Ratner confirmed, since the arena is the "centerpiece" of the proposed project.

At the moment, Ratner is the top bidder in the race to buy the Nets and move them out of Rutherford, NJ. Ratner's camp made a $275-million bid to buy the team, while US Sen. Jon Corzine [D-NJ] and New Jersey developer Charles Kushner made the second-highest offer. Corzine and Kushner intend to keep the Nets in New Jersey. Ratner said a decision would be made within 36 days to determine who will be the next owner of the Nets.

"The arena," explained Gehry, would be "very open to the city and very accessible" to residents from all five boroughs. Unlike suburban arenas, with expanses of parking lots, the arena site is centrally located and easily accessible to public transportation. It is adjacent to the Atlantic Terminal, one of Brooklyn's MTA hubs with nine subway lines and access to the Long Island Railroad.

The 800,000-sf, 19,000-seat arena would be located at the intersection of Atlantic and Flatbush avenues and would be bordered by Sixth Avenue to the East and Dean Street to the south. The facility can be transformed into a 20,000-seat venue for concerts and other events. The entire mixed-use project--stretching from Flatbush Avenue to Vanderbilt Avenue in Prospect Heights--would also include the aforementioned residential component, four office buildings encompassing 2.1 million sf, 3.1 million ft of retail, six acres of open space and 3,000 parking spaces.

When designing the master plan, Ratner said there were a host of "guiding principles" he and Gehry utilized. First, Ratner is intent upon providing additional housing options for New York City residents, which is why he intends to build a mix of market-rate, moderate-income and affordable housing. "This city needs housing and that doesn't mean only market-rate," Ratner proclaimed.

Also, the development must provide "community enhancement" to the surrounding Downtown area, which would be achieved by creating a mix of office, entertainment, retail and housing options, Ratner said.

There was a contingent of protestors gathered outside Borough Hall opposing the plan along with the possible demolition of existing housing in Prospect Heights. The developer also vowed to utilize only existing state and city tax dollars, but the majority will be privately funded. In fact, one of the private investors in the project is rapper Jay-Z, a Brooklyn native. Jay-Z, however, would not reveal how much he plans to invest in the asset. In addition, Ratner says the project will bring more than 15,000 construction jobs to the area and 10,000 permanent jobs.

If Ratner acquires the Nets, the first phase of construction on the arena will begin at the end of 2004, with completion slated for the summer of 2006. The entire project would take approximately 10 years to develop.

Markowitz and Bloomberg waxed nostalgic throughout the conference. Markowitz said the arena would be located on the same site where Walter O'Malley, the former owner of the Brooklyn Dodgers, had envisioned a home for his team nearly 50 years ago.

"Since the Brooklyn Dodgers were stolen from us nearly 50 years ago, I think it's about time," Bloomberg said, about witnessing the return of a professional sports team to Brooklyn.

Instant Insights /

$2B+ Arena Project Hinges on Nets

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