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Land Development in Brooklyn Group 1 “See”

Land Development in Brooklyn Group 1 “See”. Nick Vincenzo Samra Sahar Sean McHugh Adewale Osinono Michael Lombardo James Lamberti. Atlantic Rail Yards.

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Land Development in Brooklyn Group 1 “See”

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  1. Land Development in BrooklynGroup 1 “See” • Nick Vincenzo • Samra Sahar • Sean McHugh • Adewale Osinono • Michael Lombardo • James Lamberti

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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?

  8. 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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