Published: March 11, 2010
Ceremonial Groundbreaking for Barclays Center at Atlantic Yards in Brooklyn
BROOKLYN, N.Y. - (BUSINESS WIRE) - Governor David Paterson, Mayor Michael Bloomberg, and Brooklyn Borough
President Marty Markowitz today joined Forest City Ratner Companies
Chairman and CEO Bruce Ratner, Barclays PLC President Robert E. Diamond,
Jr., and NETS investor and cultural icon Shawn "JAY-Z" Carter at the
ceremonial groundbreaking of the Barclays Center at Atlantic Yards.
The 18,000-seat world-class sports and entertainment arena is being
developed by Forest City Ratner Companies (FCRC), which will operate the
arena in partnership with Mikhail Prokhorov's Onexim Sports &
Entertainment. The Barclays Center will host more than 200 events
annually, including professional and collegiate sports, concerts, family
shows, and NETS Basketball.
While construction has been ongoing since last fall, today's ceremony
marks the next phase of construction of the arena, which is expected to
open in 2012.
It is anticipated that Atlantic Yards will generate over $5 billion in
new tax revenues for the State and the City over the next 30 years and
will create upwards of 17,000 union construction jobs and up to 8,000
permanent jobs when the entire project is completed.
Bruce Ratner explained that he expected the project to generate a
significant amount of jobs in the coming months as construction activity
picks up.
"When we announced Atlantic Yards in December 2003, we anticipated that
this project would create buzz and excitement for the borough and the
City as well as needed jobs and affordable housing," said Mr. Ratner.
"We did not at the time appreciate that Atlantic Yards would be such an
important economic engine. The fact that we can start construction in
this financial environment is testament to the lasting appeal of New
York City. We are a City that continues to grow and prosper and Atlantic
Yards will for many years stand as a reminder that we can build and
create jobs and homes and dreams even during the most difficult of
economic times."
Mr. Ratner explained, as well, that over the next six months excavation
and foundation work will proceed, as well as continued work on street
utilities. "We will work closely with the community to ensure that
construction progresses efficiently and with minimum impact on the
surrounding communities," he said.
Robert E. Diamond, Jr. the President of Barclays PLC, which holds the
naming rights for the arena, said, "Barclays is proud to be part of the
ongoing renaissance of Brooklyn. The Barclays Center will create new
jobs, help bring professional sports back to Brooklyn, and provide a
state-of-the-art arena that will host a range of events and serve as the
future home of the NETS. Our goal is to have the Barclays Center become
the cultural and sporting heart of this community."
Governor David Paterson said, "Today we begin the next phase of
construction on the Barclays Center and celebrate a new phase for the
community it will serve. The opportunities afforded through this
state-of-the-art arena and the Atlantic Yards development mean new jobs,
affordable housing, and ongoing economic growth. This is a boon for
Brooklyn and for all New York and we welcome the progress to come."
"The Barclays Center at Atlantic Yards is the first piece of what will
be one of the largest private investments and job generators in
Brooklyn's history," said Mayor Bloomberg. "The world-class arena will
bring the Nets to Brooklyn, and the entire project will bring with it
more than 25,000 construction and permanent jobs, thousands of units of
affordable housing, and tremendous economic activity. Now more than
ever, we need investments that create jobs and help build for New York
City's future, and Atlantic Yards is as significant an example of that
as there is."
"What began for me as a dream of bringing a major league sports team
back to Brooklyn for the first time since our beloved 'Brooklyn Bums'
skipped town when I was just a boy, has culminated with this
groundbreaking on something even I couldn't have envisioned-an Atlantic
Yards complex that will bring the innovative Barclays Center, affordable
housing, union jobs, and permanent employment opportunities to our
nation's fourth largest city," Borough President Marty Markowitz said.
"Brooklyn deserves nothing less-and although it has been a long road to
this moment, it was the commitment of Bruce Ratner, Forest City Ratner
Companies, the NETS organization, and the City that turned my vision
into something that will boost our borough's economy, pride and
reputation as a world-class sports city, and kept this project off the
sidelines and firmly on center court. There's only one thing more
exciting than putting a shovel in the ground today-being in the Barclays
Center on opening night and welcoming our Brooklyn NETS and their
diehard fans to the home of the soon-to-be NBA champions!"
The Barclays Center, designed by the award-winning architectural firms Ellerbe
Becket and SHoP
Architects, will be one of the most intimate seating configurations
ever designed into a modern multi-purpose arena, with unparalleled
sightlines and first-class amenities.
The first-class facility, to be located at Atlantic and Flatbush
Avenues, will have 18,000 seats for basketball and up to 19,000 seats
for concerts. The arena will have 104 luxury suites, including 15
Brownstone Suites (16 seats each), 68 Loft Suites (10 seats each), 11
Backstage Suites, six Studio Suites, and four Party Suites. The arena
will also include 40 loge boxes, six clubs and restaurants, and the
on-site practice facility at the Barclays Center.
"The Barclays Center will be one of the premier sports and entertainment
venues in the country," said Brett Yormark, President and CEO of
Brooklyn Sports & Entertainment. "Today is a defining moment for our
partners and our fans who have stood by us and supported this
world-class project. We look forward to many exciting moments at the
Barclays Center."
"The Barclays Center will be a spectacular state-of-the-art venue, and
we look forward to its opening as the home of the Nets," said NBA
Commissioner David Stern. "Both NBA fans and the borough of Brooklyn
will benefit from Bruce Ratner's unwavering commitment to making this
vision a reality."
The Atlantic Yards project will include an arena and 16 new buildings to
be utilized for residential, office, and retail purposes. Of the
anticipated 6,430 units of housing, 4,500 will be rental apartments and
the remainder will be market rate condos. Fifty percent of the rental
units -- 2,250 apartments - will be for a combination of low-, moderate-
and middle-income families. In addition, 10% of the rental units will be
reserved for senior citizens.
In addition to the affordable housing commitment, FCRC entered into a
historic and unprecedented Community Benefits Agreement (CBA), wherein
FCRC has agreed to continue its longstanding commitment to minority and
women owned businesses, by ensuring that at least 30% of contracts and
45% of all construction jobs are to be held by women and minorities. In
fact, out of the more than $51 million worth of contracts already
awarded for work on the site, 80% of the total prime contracts awarded
to date have gone to M/WBE firms and 49.3% of the total contract dollars
to M/WBE firms.
"This is truly an exciting day for Brooklyn," said CBA Chair Delia
Hunley-Adossa. "The Atlantic Yards CBA Executive Committee is proud to
be a part of this historic moment in Brooklyn. Not only will Atlantic
Yards create thousands of new jobs, affordable housing, and economic
growth for the community, it will also place Brooklyn at the epicenter
of places to visit and things to do."
In addition, in their commitment to the physical and educational
development of youth in the Brooklyn and New York City community,
Barclays, the NETS, and FCRC formed the Barclays Nets Community Alliance
in November 2007. As part of its stated mission, the Alliance invests in
local non-profits that work to improve the lives of young people through
sports and other activities, including education and health care.
In addition to Barclays, the naming rights partner, the Barclays Center
currently has 10 major partners, including: ADT, Cushman & Wakefield,
EmblemHealth, MetroPCS, MGM Grand at Foxwoods, Jones Soda, Haier
America, Phillips-Van Heusen, Anheuser-Busch, and High Point Solutions.
Media can download images of the Barclays Center at ftp.letsgonets.net.
Username: netspr. Password: N3t5public.
For more information on the Barclays Center log on to www.barclayscenter.com.
About Forest City
Forest City Ratner Companies (FCRC), a wholly owned subsidiary of Forest
City Enterprises, owns and operates 31 properties in the New York
metropolitan area. Forest City Enterprises, Inc., a $11.9-billion
NYSE-listed national real estate company, is principally engaged in the
ownership, development, management and acquisition of commercial and
residential real estate and land throughout the United States.
Safe Harbor Language
Statements made in this news release that state Forest City Enterprises'
or management's intentions, hopes, beliefs, expectations or predictions
of the future are forward-looking statements. The Company's actual
results could differ materially from those expressed or implied in such
forward-looking statements due to various risks, uncertainties and other
factors. Risks and factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to, the impact of current market conditions on our
liquidity, ability to finance or refinance projects and repay our debt,
the impact of the current economic environment on our ownership,
development and management of our commercial real estate portfolio,
general real estate investment and development risks, liquidity risks we
could face if we do not close the transaction with Onexim Group to
create a strategic partnership for our Brooklyn Atlantic Yards project,
vacancies in our properties, further downturns in the housing market,
competition, illiquidity of real estate investments, bankruptcy or
defaults of tenants, anchor store consolidations or closings,
international activities, the impact of terrorist acts, risks associated
with an investment in a professional sports team, our substantial debt
leverage and the ability to obtain and service debt, the impact of
restrictions imposed by our credit facility and senior debt, exposure to
hedging agreements, the level and volatility of interest rates, the
continued availability of tax-exempt government financing, the impact of
credit rating downgrades, effects of uninsured or underinsured losses,
environmental liabilities, conflicts of interest, risks associated with
developing and managing properties in partnership with others, the
ability to maintain effective internal controls, compliance with
governmental regulations, increased legislative and regulatory scrutiny
of the financial services sector, volatility in the market price of our
publicly traded securities, litigation risks, as well as other risks
listed from time to time in the Company's SEC filings, including but not
limited to, the Company's annual and quarterly reports.
--BARCLAYS CENTER--
Forest City Ratner Companies
Joe DePlasco, 212-981-5125
joe_deplasco@dkcnews.com
or
Brooklyn
Sports & Entertainment
Barry Baum, 917-847-1737
bbaum@njnets.com
or
Barclays
Capital
Kristin Friel, 212-412-7521
kristin.friel@barcap.com
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