SBD/Issue 197/Facilities & Venues

Facility Notes

In N.Y., Rich Calder reports the New York state Court of Appeals has "agreed to hear a legal challenge over the use of eminent domain to seize private land for Brooklyn's controversial Atlantic Yards project" beginning in October. The decision "raises new uncertainty" over whether Nets Owner Bruce Ratner "will be able to build the planned $4.9[B] development," which includes the Nets' Barclays Center and 16 office and residential towers (N.Y. POST, 7/1). Also in N.Y., Erin Durkin notes the appeal is from nine plaintiffs who "sued to prevent the government from taking their homes and businesses under eminent domain." After the initial court ruling, Ratner had said that it was the "'last hurdle' to the project and vowed to break ground in September," but this "latest court action will likely push that date back" (N.Y. DAILY NEWS, 7/1). In New Jersey, John Brennan notes Nets officials have "estimated it will take 24 to 26 months to build" the $772M Barclays Center, so a fall '11 opening "may no longer be a possibility -- unless the developer wants to try to break ground before the legal process is concluded" (Bergen RECORD, 7/1).

London 2012 Olympic Stadium Could Be Used
To Stage World Cup Games In Future
SECOND LIFE: The London 2012 Olympic Stadium "may not be downsized after the Olympic Games," as London Mayor Boris Johnson is "now hoping it will stage World Cup football matches if England's bid for the 2018 tournament is successful." Johnson: "I'd be very foolish to rule it out now." With Olympic officials "unable to find a football club to take residence in the stadium after 2012 it is estimated" the US$945.8M development could cost US$16.5M "annually to maintain." But Johnson hopes the site "could become one of the 12 designated venues" for a potential World Cup (Manchester GUARDIAN, 7/1).

CLEARING THE WAY: The PHILADELPHIA BUSINESS JOURNAL's Kostelni & George report the investment group developing MLS Philadelphia Union's stadium and its ancillary residential and commercial projects last week secured $25M in private "financing for the venue, and plans to break ground this fall on a speculative office building." The developers have "initially focused on lining up funds" for the $110M, 18,500-seat stadium, which broke ground in December. They recently "arranged for funding from Sovereign Bank," while the remainder of the costs are "coming from funds already secured from state and local public sources" (PHILADELPHIA BUSINESS JOURNAL, 6/26 issue).



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