Bubble Wrap
Entry
Brooklyn Arena Builder Plans to Break Ground in December After Delay
The NYTimes recently came out with the story that Bruce Ratner plans on moving ahead to break ground on his Atlantic Yards project in December, but with current economic conditions and a ruling still out on his tax exempt bonds, the project’s feasibility is still questionable.
“While it is a tough market, we have secured more than $1.5 billion in construction loans this year so far,” Mr. DePlasco said. “And this is the most exciting project in the country and the most exciting arena in the world.”
One reason Mr. Ratner may be forging ahead is his deal with Barclays Bank, which officials say provides him with $20 million a year for naming the arena after it. The naming rights contract requires Forest City to close on the land and the financing by the end of November.
