This is not the kind of court action Net owner Bruce Ratner had in mind.
The developer confirmed yesterday that his plan to finally break ground on a $950 million NBA arena in Brooklyn this December has been pushed back at least another six months – thanks to the latest lawsuit by project opponents.
That means his New Jersey Nets won’t be able to move to Brooklyn until at least 2011.
Ratner wants land to be seized by the state through eminent domain to both secure financing and begin building the arena and the 16 towers of residential and office space that make up the rest of the controversial $4 billion Atlantic Yards project.
But a state appellate panel last week denied the Empire State Development Corp.’s motion to dismiss an August lawsuit by opponents challenging the use of eminent domain for the 22-acre project in Prospect Heights.
A similar suit was dismissed by a federal court in June, but that also drastically delayed construction on a project that received state approval in December 2006.
While Ratner insists the project “will go forward,” opponents say his latest timetable is still too optimistic, especially since the court decision could seriously jeopardize his ability to timely secure necessary tax-exempt bonds for the project.
Also up in the air now is the record $400 million naming-rights deal with Barclays Bank, first reported by The Post in January 2007, which is expected to help offset the cost of the arena.
That is now in question because the deal was contingent on Ratner’s having his entire project financing set by the end of November, which is now impossible.
When asked if an extension would be negotiated, a Barclays spokesman skirted the question but said, “We look forward to breaking ground with our partners in Brooklyn.”
When Ratner announced his plan for Atlantic Yards in 2003, he had hoped to move the Nets to Brooklyn by the 2006-07 season.