The vote follows last week's release of the new design for Barclays Center, the 18,000-seat sports and entertainment arena that will serve as the future home of the Nets basketball franchise. The ESDC held a public information session on the new design, a collaboration by architectural firms Ellerbe Becket and SHoP Architects, at Brooklyn Borough Hall earlier this week.

"We greatly appreciate the board's support," says Ratner, CEO and chairman of Forest City Ratner Cos., in a statement. "The world has changed significantly since we announced the Atlantic Yards project in 2003. However, our commitment to the project, including the housing, the jobs and of course bringing the Nets to the Barclays Center, has remained steadfast even as the changing economic environment made this project more challenging but also more important."

He adds, "Our public partners have understood from the start just how much this development will enhance Brooklyn and the entire city. We're thankful for their support but more so for their partnership and vision." Ratner says FCRC now needs "to work aggressively to break ground by the end of the year."