Brooklyn Borough President Marty Markowitz, a fervent champion of an embattled plan to build an ambitious $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn, has for the first time muted his enthusiasm for the development. Could this be the canary in the coalmine for the controversial project, which throughout 2008 struggled to gain momentum against repeated setbacks? Markowitz issued a statement this afternoon opining that, because of the economic tailspin and all, developer Bruce Ratner should conceive of a "sports and entertainment venue that is more economically feasible but provides the modern amenities our residents and visitors to Brooklyn demand and deserve."
Longtime critic Daniel Goldstein of Develop Don’t Destroy Brooklyn, tells the Times that Markowitz's statement is "bewildering...We’re in the midst of the most severe recession since the Great Depression and he’s discussing what a publicly subsidized arena should look like? It is indefensible to subsidize a luxury housing project and an arena when so many other vital city services are being cut or going begging."
A source close to Ratner recently admitted that the developer would not be able to build the Nets arena at the proposed cost of $1 billion. Last month all work stopped at the site, despite Ratner's repeated vows to break ground in December, and architect Frank Gehry dismissed all his staff. Forest City is now trying to negotiate with the MTA over the Vanderbilt Yards, an essential part of the project site which the developer still hasn't paid for. According to the Times, Forest City wants to pay the $100 million for the property in installments. Come on MTA, you know Ratner's good for it; it's just a bad streak! He can win it all back! With interest!
