The Atlantic Yards Development Project
Forest City Ratner’s new Barclays Center was only the beginning of Bruce C. Ratner’s plans for the 22-acre development of Brooklyn’s Atlantic Yards. The Barclays center itself is no testament to modern architecture but functionally its design is impressive, it also has been said that the aesthetic of the arena with its rust colored grid work of panels overlaying a swooping shell-like exterior is a reflection of the tough and progressive neighborhood that it dwells within. As with anything else there are those that love it and there are those that hate it, the real question is what will the rest of the project end up looking like.
Several low and moderate-income apartment towers are also in the works as part of the deal Ratner made with the city. Again these apartment towers are a subject for debate realizing now the extreme cost and risk of the construction of these buildings Forest City Ratner is looking to sell a 50 to 80 percent stake in the developments housing component. This will not be the first time Ratner and his company have sought financial backing during the course of the Atlantic Yards re-development project, during the construction of the Barclays center Ratner sought financial backing from Russian Billionaire Mikhail Prokhorov. A total of 14 apartment buildings and an office tower at the corner of Flatbush and Atlantic avenues are the end game for Forest City Ratner’s Atlantic Yards project. Originally proposed to be completed over a 25-year span a supplemental environmental impact statement is in the works to push that timetable back 15 years or else bid out the project sites to developers who can meet the newly implemented ten year deadline.
As with all things there are advocates on both sides of the fence. Some say Ratner is looking only to line his pockets and not taking into consideration the people or the area he is building in. Other’s say that this project is exactly what Brooklyn needs to bring new life into the area, the buildings and development will offer housing and job opportunities to thousands, the arena (which is already a proven success) will attract sports teams (like the NY Islanders) and fans to an area that could use something new. Only time will tell the tale, we will all just have to wait and see how successful (or not successful) Ratner’s newest projects will be.
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by Jarrad Kulick