Brooklyn's Progress
December 2006/January 2007

BY LETICIA THEODORE

The Public Authorities Control Board (PACB) voted unanimously to authorize the Atlantic Yards project. The vote was the final regulatory nod needed to clear the way for the $4 billion project that will add a basketball arena, housing, retail and office space to Downtown Brooklyn.

“Today’s approval of Atlantic Yards is the final step towards starting work on this enormously important project, which is vital to the resurgence of downtown Brooklyn,” said New York City Mayor Michael Bloomberg hours after the PACB approved the project. “I thank Speaker Silver for providing the leadership in moving this forward and I applaud the Governor and Senate Majority Leader Bruno for their steadfast commitment to this project.”

The PACB is a three member panel that represents the New York State Governor, State Senate Majority Leader and Assembly Speaker. All matters that go before the board must be unanimously approved in order to get the green light. Approval of Atlantic Yards project was being held in question up until the eve of the vote based on the concerns of Assembly Speaker Sheldon Silver who voiced his reservations about the financing of the project. The Empire State Development Corporation worked feverishly with the Speaker and his staff to provide a detailed account of infrastructure costs and an analysis of the tax revenues the project is expected to reap.

“The Brooklyn Chamber of Commerce is very pleased by the Public Authority Control Board’s approval of the Atlantic Yards project. This venture will add horse power to Brooklyn’s economic engine,” says Mark Kessler, Interim President/COO, Brooklyn Chamber of Commerce. “The temporary jobs created by construction and the permanent jobs created by the arena, office, retail and housing development will be a boost to many families and will create and grow many businesses. We believe this plan will complement the work already underway to make Brooklyn an even better place to live and work.”

The approved version of the project will put 8 million square feet of space on 22 acres along Atlantic Avenue, Downtown Brooklyn. The development which includes an arena for the Nets basketball team will also include about 6,400 market-rate and affordable apartments with an estimated 200 units being subsidized for first-time home owners. One of the hallmarks of the project will be Ms. Brooklyn, a 511-foot, Frank Gehry designed building.

Brooklyn Borough President Marty Markowitz, who has been an outspoken supporter and advocate for the Forest City Ratner project, said, “This means our borough will soon be benefiting from thousands of union jobs, affordable housing, an enhanced and vibrant downtown, and our much-anticipated return to sports' major leagues. I am very encouraged as well that the PACB acted on our suggestion that the project’s “Miss Brooklyn” building not be taller than Brooklyn’s Williamsburg Savings Bank building. Add to all of this the project’s world-class architecture, on-site school, street-level shopping, and accessible public open space, and you can see why Atlantic Yards is the right project, in the right place, at the right time for Brooklyn.”

The Downtown Brooklyn Advisory and Oversight Committee (DBAOC) is charged with ensuring the participation of Brooklyn residents and women- and minority-owned businesses in major development projects Downtown Brooklyn. Committee Chairman Bill Howell and his team are ready to begin the work of making sure the benefits of the development are spread around, “Forest City Ratner Companies has always gone above and beyond with respect to M/WBE inclusion on its projects,” said Mr. Howell who has worked with the Bloomberg Administration on minority- and women owned business issues. “Because this project has the potential to be an economic catalyst that so many small businesses need to prosper, the members of the DBAOC are excited that the Atlantic Yards project has successfully completed the public review process.  We anticipate that FCRC will continue its stellar record of M/WBE participation on this historic development for the borough. This is a great victory for the people of Brooklyn.”

“Unique in scope and ambition, the Atlantic Yards project is the biggest private sector investment in Brooklyn’s history and the ultimate example of mixed-use development. It will create jobs, provide affordable housing and offer new retail and entertainment options, including a return of major league sports to Brooklyn,” said the Mayor who has been a strong proponent of what will be the largest real estate development project in Brooklyn’s history. “Atlantic Yards also demonstrates that when City and State government work together with the private sector, we can still achieve projects on a grand scale and ensure that New York remains a city where big things happen.” 

Forest City Ratner says demolition to clear way for the project could begin as early as January.