Land Development in Brooklyn Group 1 “See”
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Transcript of Land Development in Brooklyn Group 1 “See”
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Land Development in BrooklynGroup 1 “See”
• Nick Vincenzo
• Samra Sahar
• Sean McHugh
• Adewale Osinono
• Michael Lombardo
• James Lamberti
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Atlantic Rail Yards
• In 2005 Bruce Ratner, owner of the New Jersey Nets and partner in Forest City Ratner LLC, a real estate development firm bought the Atlantic avenue rail yard from the MTA.
• The deal was for 8.3 acres of land in Park Slope, Brooklyn for $100 million dollars.
• The centerpiece of the development is a proposed arena to house the NBA’s New Jersey Nets.
• The plan also calls for the construction of 17 buildings with the purpose of providing living space as well as commercial offices and recreational areas.
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Atlantic Rail Yards
• The site is located between Flatbush and Atlantic avenues in the Park Slope section of Brooklyn.
• The intention of the project is to revitalize downtown Brooklyn by generating new business and provide affordable housing.
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Economic Factors
• The development of the Atlantic Rail yards is a multi-BILLION dollar project.
• The proposal includes $345 million dollars to renovate The Atlantic Avenue terminal. Also included is $450 million dollars for the arena to house the Nets.
• The development will be partly funded by $555 million dollars in tax exempt bonds.
• New York City an New York State have pledged $100 million dollars each to aid in the funding for the project.
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Political Factors
• This development proposal will be a hotly debated topic that will garner extensive media coverage prior to the Mayoral election.
• The project will also be a controversial point in the Mayoral Race.
• Fernando Ferrer has stated “Not a single public dollar should pay for construction of the site”
• City Council member Letitia James announced that new legislation would restrict the city’s ability to declare eminent domain.
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Cultural Factors
• The development of the Atlantic rail yard in Brooklyn would revitalize and reinvigorate a once bustling downtown area.
• The construction of a new arena would give Brooklyn its first professional sports franchise since the Dodgers moved to Los Angeles.
• The proposal would provide affordable housing as well as office space.
• The potential tax revenues produced by the development could amount to billions of dollars over the next 25 years.
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Social Factors
• Currently there are numerous families and small businesses living and operating in the area of the proposed site. What will happen to them?
• There is an enormous amount of money involved in this deal which includes taxpayers money. Are taxpayers going to agree on the allocation of how their money is used?
• Is Brooklyn ready for development of this magnitude?
• Is the law of eminent domain being followed in an ethical manner?
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Eminent Domain
•The authority of the government to take private property for public use, with compensation to the owner in return.
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