Atlantic Yards Will Be Built, But Could See Even Further Delays

Forest City Still Bullish On Atlantic Yards, But Does Not Have A Timeline For Completion

Forest City Enterprises officials yesterday insisted that the Atlantic Yards development in Brooklyn, which includes the Nets' Barclays Center, would "survive the crumbling economy -- but conceded there will likely be further delays and didn't have a construction time line," according to Durkin & Sederstrom of the N.Y. DAILY NEWS. Forest City President & CEO Charles Ratner, whose company is leading the development of Atlantic Yards, said, "I think we can successfully delay until we are prepared to start (the project). I can't tell you in this market when that can be. How long? I don't know." The new forecast follows last week's decision to "halt construction at the site until a lawsuit challenging the use of eminent domain is settled early next year." Ratner insisted that the lawsuit -- and "not the crumbling economy -- had been behind the halt." Ratner: "Until we get our lawsuits resolved, and some of the hurdles overcome, we appropriately stopped what we were doing" (N.Y. DAILY NEWS, 12/11). Ratner said that Atlantic Yards will "go forward even though the economy is sputtering." In New Jersey, John Brennan notes if the Nets are to "achieve their revised goal of a 2011 move to Brooklyn, arena construction likely would have to start by sometime next spring -- assuming" the lawsuit has been settled (Bergen RECORD, 12/11).

SODA POP: Jones Soda CEO Steve Jones has refuted a report that the company was looking to get out of its marketing agreement with the Nets. Jones Soda in November ’07 signed a seven-year deal with the Nets that included a dedicated Jones Soda Shop in the Barclays Center, and Jones said, “We look forward to continuing the program.” Jones noted he is “pretty cool” with Nets Sports & Entertainment President & CEO Brett Yormark and Brooklyn Sports & Entertainment Chief Revenue Officer/Sponsorship Sales Neil Davis, and added the three are “on the same page moving forward.” Jones sent an e-mail last month asking Jones Soda Manager of Legal Affairs Paula McGee “whether we can get out of this … deal” due to delays to the Barclays Center project, but Jones today said the e-mail was “taken out of context.” However, Jones did say the company is “reviewing how we use the deal as a marketing program in the Northeast" (Rick Ellington, THE DAILY).