Forest City Plans $2.5B Project in Brooklyn

The New York affiliate of Cleveland-based Forest City Enterprises is planning a $2.5 billion mixed-use project in downtown Brooklyn, which will include an 800,000-square-foot stadium for the Nets NBA basketball team.Forest City Ratner Cos., together with a group of investors, has entered into a $300 million deal for the purchase of the Nets team, the company said. The group of investors, including the company, is also financing the development of the project. The Brooklyn Atlantic Yards, as the developer is calling the project, is to be designed by the renowned architect Frank Gehry, Forest City said. The project is expected to include 2.1 million square feet of commercial office space; 300,000 square feet of retail space; and 4.4 million square feet of residential space, including about 4,500 units of affordable, middle-income, and market-rate housing. "This project will be a part of the unique fabric of Brooklyn -- a dynamic commercial and recreational destination complementing vibrant residential neighborhoods," said Bruce Ratner, president and chief executive officer of Forest City Ratner.