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Barclays Center
Barclays Center (/ˈbɑːrkliz/ BAR-kleez) is a multi-purpose indoor arena in the New York City borough of Brooklyn. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty of the Women's National Basketball Association. The arena also hosts concerts, conventions and other sporting and entertainment events. It is part of the Pacific Park complex at Atlantic Avenue, next to the Atlantic Avenue–Barclays Center subway station and directly above the LIRR's Atlantic Terminal.
The arena opened its doors on September 28, 2012 and its naming rights are held by the British bank Barclays. It is owned by the State of New York's Empire State Development authority through a public entity named the Brooklyn Arena Local Development Corporation. It is leased by Brooklyn Event Center LLC, owned by Brooklyn Nets owner Joseph Tsai, with operations (and associated revenue) managed by Tsai's BSE Global.
The arena, proposed in 2004 when real estate developer Bruce Ratner purchased the Nets for $300 million as the first step of the process to build a new home for the team, experienced significant hurdles during its development. Its use of eminent domain and its potential environmental impact brought massive community resistance, especially as residential buildings and businesses such as the Ward Bakery and Freddy's bar were to be demolished and large amounts of public subsidies were used, which led to multiple lawsuits. The Great Recession also caused financing for the project to dry up. As a result, construction was delayed until 2010, with no secure funding for the project having been allotted. Groundbreaking for construction occurred on March 11, 2010, and the arena opened on September 21, 2012, which some 200 protesters also attended. Its first event was a Jay-Z concert on September 28, 2012.
The arena was conceived by Bruce Ratner of real estate developer Forest City Ratner Companies, the New York division of Forest City Enterprises that Ratner founded. He acquired the New Jersey Nets basketball team in 2004 for $300 million (he has since sold most of his shares to continue funding the project) for the purpose of moving them to the Pacific Park development on Brooklyn's Prospect Heights play in the arena that would be the centerpiece of the Pacific Park commercial and residential redevelopment project. The move had marked the return of major league sports to Brooklyn, which had been absent since the departure of the Dodgers to Los Angeles in 1957. Coincidentally, the original proposal for a domed stadium for the Brooklyn Dodgers was just north of the Pacific Park Brooklyn site, where the Atlantic Terminal Mall, also owned by Forest City Ratner Companies, is located.
The arena was initially projected to open in 2006, with the rest of the Pacific Park Brooklyn complex to follow. However, controversies involving local residents, the use of eminent domain, potential environmental impact, lack of continued public financing, as well as a major economic downturn delayed the project. Due to these legal and financial troubles, the development deal seemed headed towards failure or collapse. Frank Gehry, an architect involved in the project's initial designs said, in March 2009, "I don't think it is going to happen," and Ratner at one point explored selling the team. The New York Supreme Court ruled in favor of Ratner on May 16, 2009.[clarification needed] Opponents appealed the court decision. A hearing for the appeal was scheduled for October 14, 2009, with a decision to be issued no sooner than November 25.
Russian businessman Mikhail Prokhorov agreed to a $200 million deal on September 23, 2009, to become a principal owner of the Nets and a key investor in the Brooklyn arena.
The Nets played two preseason games at Prudential Center in October 2009. The two preseason games were successful, and a deal that would have the Nets play at the Prudential Center for the 2010–11 and 2011–12 NBA seasons became more likely. Negotiations nearly fell apart, when the New Jersey Sports and Exhibition Authority refused to release the Nets from their lease at Izod. Negotiations resumed, and on February 18, 2010, the Nets finalized a deal that would move them to the Prudential Center in Newark, New Jersey until Barclays Center opened.
The New York Court of Appeals ruled in favor of the state using eminent domain for the project on November 24, 2009. Empire State Development Corporation Vice President Warner Johnston indicated that the agency was committed to seeing the project completed and said "we can now move forward with development."
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Barclays Center
Barclays Center (/ˈbɑːrkliz/ BAR-kleez) is a multi-purpose indoor arena in the New York City borough of Brooklyn. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty of the Women's National Basketball Association. The arena also hosts concerts, conventions and other sporting and entertainment events. It is part of the Pacific Park complex at Atlantic Avenue, next to the Atlantic Avenue–Barclays Center subway station and directly above the LIRR's Atlantic Terminal.
The arena opened its doors on September 28, 2012 and its naming rights are held by the British bank Barclays. It is owned by the State of New York's Empire State Development authority through a public entity named the Brooklyn Arena Local Development Corporation. It is leased by Brooklyn Event Center LLC, owned by Brooklyn Nets owner Joseph Tsai, with operations (and associated revenue) managed by Tsai's BSE Global.
The arena, proposed in 2004 when real estate developer Bruce Ratner purchased the Nets for $300 million as the first step of the process to build a new home for the team, experienced significant hurdles during its development. Its use of eminent domain and its potential environmental impact brought massive community resistance, especially as residential buildings and businesses such as the Ward Bakery and Freddy's bar were to be demolished and large amounts of public subsidies were used, which led to multiple lawsuits. The Great Recession also caused financing for the project to dry up. As a result, construction was delayed until 2010, with no secure funding for the project having been allotted. Groundbreaking for construction occurred on March 11, 2010, and the arena opened on September 21, 2012, which some 200 protesters also attended. Its first event was a Jay-Z concert on September 28, 2012.
The arena was conceived by Bruce Ratner of real estate developer Forest City Ratner Companies, the New York division of Forest City Enterprises that Ratner founded. He acquired the New Jersey Nets basketball team in 2004 for $300 million (he has since sold most of his shares to continue funding the project) for the purpose of moving them to the Pacific Park development on Brooklyn's Prospect Heights play in the arena that would be the centerpiece of the Pacific Park commercial and residential redevelopment project. The move had marked the return of major league sports to Brooklyn, which had been absent since the departure of the Dodgers to Los Angeles in 1957. Coincidentally, the original proposal for a domed stadium for the Brooklyn Dodgers was just north of the Pacific Park Brooklyn site, where the Atlantic Terminal Mall, also owned by Forest City Ratner Companies, is located.
The arena was initially projected to open in 2006, with the rest of the Pacific Park Brooklyn complex to follow. However, controversies involving local residents, the use of eminent domain, potential environmental impact, lack of continued public financing, as well as a major economic downturn delayed the project. Due to these legal and financial troubles, the development deal seemed headed towards failure or collapse. Frank Gehry, an architect involved in the project's initial designs said, in March 2009, "I don't think it is going to happen," and Ratner at one point explored selling the team. The New York Supreme Court ruled in favor of Ratner on May 16, 2009.[clarification needed] Opponents appealed the court decision. A hearing for the appeal was scheduled for October 14, 2009, with a decision to be issued no sooner than November 25.
Russian businessman Mikhail Prokhorov agreed to a $200 million deal on September 23, 2009, to become a principal owner of the Nets and a key investor in the Brooklyn arena.
The Nets played two preseason games at Prudential Center in October 2009. The two preseason games were successful, and a deal that would have the Nets play at the Prudential Center for the 2010–11 and 2011–12 NBA seasons became more likely. Negotiations nearly fell apart, when the New Jersey Sports and Exhibition Authority refused to release the Nets from their lease at Izod. Negotiations resumed, and on February 18, 2010, the Nets finalized a deal that would move them to the Prudential Center in Newark, New Jersey until Barclays Center opened.
The New York Court of Appeals ruled in favor of the state using eminent domain for the project on November 24, 2009. Empire State Development Corporation Vice President Warner Johnston indicated that the agency was committed to seeing the project completed and said "we can now move forward with development."