Land Development in BrooklynGroup 1 “See”

• Nick Vincenzo

• Samra Sahar

• Sean McHugh

• Adewale Osinono

• Michael Lombardo

• James Lamberti

Atlantic Rail Yards

• In 2005 Bruce Ratner, owner of the New Jersey Nets and partner in Forest City Ratner LLC, a real estate development firm bought the Atlantic avenue rail yard from the MTA.

• The deal was for 8.3 acres of land in Park Slope, Brooklyn for $100 million dollars.

• The centerpiece of the development is a proposed arena to house the NBA’s New Jersey Nets.

• The plan also calls for the construction of 17 buildings with the purpose of providing living space as well as commercial offices and recreational areas.

Atlantic Rail Yards

• The site is located between Flatbush and Atlantic avenues in the Park Slope section of Brooklyn.

• The intention of the project is to revitalize downtown Brooklyn by generating new business and provide affordable housing.

Economic Factors

• The development of the Atlantic Rail yards is a multi-BILLION dollar project.

• The proposal includes $345 million dollars to renovate The Atlantic Avenue terminal. Also included is $450 million dollars for the arena to house the Nets.

• The development will be partly funded by $555 million dollars in tax exempt bonds.

• New York City an New York State have pledged $100 million dollars each to aid in the funding for the project.

Political Factors

• This development proposal will be a hotly debated topic that will garner extensive media coverage prior to the Mayoral election.

• The project will also be a controversial point in the Mayoral Race.

• Fernando Ferrer has stated “Not a single public dollar should pay for construction of the site”

• City Council member Letitia James announced that new legislation would restrict the city’s ability to declare eminent domain.

Cultural Factors

• The development of the Atlantic rail yard in Brooklyn would revitalize and reinvigorate a once bustling downtown area.

• The construction of a new arena would give Brooklyn its first professional sports franchise since the Dodgers moved to Los Angeles.

• The proposal would provide affordable housing as well as office space.

• The potential tax revenues produced by the development could amount to billions of dollars over the next 25 years.

Social Factors

• Currently there are numerous families and small businesses living and operating in the area of the proposed site. What will happen to them?

• There is an enormous amount of money involved in this deal which includes taxpayers money. Are taxpayers going to agree on the allocation of how their money is used?

• Is Brooklyn ready for development of this magnitude?

• Is the law of eminent domain being followed in an ethical manner?

Eminent Domain

•The authority of the government to take private property for public use, with compensation to the owner in return.

http://www.gothamgazette.com/community/35