Nets Arena
AAEA-NY supports the Nets Arena proposal because it is nonpolluting, will create jobs and housing in Downtown Brooklyn and will economically benefit the entire city. The $3.5 billion project is being proposed and will be developed by Bruce Ratner, chief executive of Forest City Ratner. The project includes a Nets arena and 17 residential (6,000 apartments) and office skyscapers at Atlantic and Flatbush Avenues.
Mr. Ratner plans to build a glass-walled arena for the Nets at the western end of the property and 15 towers containing office space and 6,000 apartments, with some more than 50 stories. He is also planning for 1,500 condominiums and promising to build 600 affordable, for-purchase homes.
| Rev Sharpton Supports Ratner Plan |
Extell Development Company, a rival bidder to Bruce Ratner, has made a $150 million cash offer for development rights at the Atlantic railyard, three times the amount Mr. Ratner bid for the property. Mr. Ratner bid $50 million for the development rights, according to documents released by the Metropolitan Transportation Authority. AAEA prefers the Ratner proposal.
The railyard is an 8.4-acre parcel known as Vanderbilt Yards, a potentially valuable site opposite Atlantic Terminal, the city's third-largest transportation hub, with 10 subway lines and a station for the Long Island Rail Road.
Rendering of the Vanderbilt Yards by
the Extell Development Company.
Michael Magat/Gehry Partners
The rival bid by the Extell Development Company (no website listed), is $1 billion proposal to build almost 2,000 apartments over the yard. Extell has proposed building 1,940 apartments in a series of 11 buildings on the site, ranging from four to 28 stories. The project would include landscaped walkways, recreation, 1,000 parking spaces and 573 subsidized apartments for low- and moderate income residents.
Aerial rendering of the arena block
proposed by Forest City Ratner.
Extell's bid requires a subsidy of up to $150 million from the city and the state for infrastructure. Under a nonbinding agreement, the city and the state each agreed to provide Mr. Ratner with $100 million for infrastructure work related to the entire project.
Comparison of Ratner and Extell Plans
| Ratner | | Extell |
| $3.5 billion | | $1 billion |
| 15 Towers | | 11 buildings |
| 6,000 Apartments | | 2,000 Apartments |
| $50 million Bid | | $150 million Bid |
| $100 million Subsidy | | $150 million Subsidy |
| 50 Stories | | 28 Stories |
| 600 Affordables | | 573 Affordables |
