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Old Posted May 16, 2009, 11:13 AM
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http://www.nypost.com/seven/05162009..._to_169509.htm

B'KLYN ARENA VICTOR RATNER: WE'RE READY TO DIG

By RICH CALDER
May 16, 2009

After scoring a huge court victory yesterday, developer Bruce Ratner says he'll break ground on Brooklyn's embattled Atlantic Yards project this September -- and may even have the Nets playing there by the 2011-12 season.

An appellate panel in Manhattan unanimously ruled to give the state the green light to seize private property on Ratner's behalf, so construction can begin on a $4 billion project in Prospect Heights that's been heavily delayed by mounting litigation since getting state approval in Dec. 2006.

The four-member panel determined the project has enough "public benefits" -- such as the creation of 2,250 affordable housing units and thousands of jobs -- to warrant condemning land. Opponents, however, say the 22-acre project footprint isn't "blighted" as Ratner and the state contend, so using eminent domain would be unconstitutional.

But while opponents say they plan to take the appeal to the state's highest court, the developer said he believes the latest ruling is the "final hurdle" holding up construction and vowed to finally break ground.

He also said he feels the decision simplifies his company's ability to secure financing during the current credit crunch, so it could eventually build out the entire project of 16 residential/office towers and a NBA arena.

Only a few months ago, star architect Frank Gehry said he thought Atlantic Yards would never be built because of the economic downturn before later backtracking. And earlier this year, Ratner's company confirmed it's trying to scale back costs on the glass-and-steel arena to shave hundreds of millions of dollars off the estimated $950 million price tag.

Ratner said a revised arena plan would be released at a later date and promised it would still be a Gehry-design that's top-notch.

He said the arena --which Barclays Bank is paying a record $400 million to slap its name on -- would be the first part of Atlantic Yards to break ground in September, followed by four of the high-rises during the project's first phase.


The Empire State Development Corp. said it expects to begin condemnation proceeding in the coming months.

Ratner's company says it owns or controls 85 percent of the project site, so the rest would need to be taken through eminent domain. It believes it could build out the entire project within 10 years of breaking ground, although opponents claim that is unrealistic.

Matthew Brinckerhoff, a lawyer for project opponents, called the appellate panel's decision "faulty," adding that "there is ample evidence that the public benefits are minor compared to the enormous" financial "benefits for Ratner."

Although Ratner's side believes it's unlikely the state Court of Appeals will agree to hear the case, lawyers for the opponents said they feel an appeal will be heard since the case revolves around a Constitutional issue.

There is also a suit pending challenging whether the state conducted a proper environmental review before approving Atlantic Yards, but Ratner's staff said it feels construction could still begin while that case remains under appeal. Opponents, however, said they disagree.
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