Site of the Brooklyn Bridge Park Fieldhouse. (Courtesy Brooklyn Bridge Park Corporation)

An ambitious plan to build a $50 million velodrome in Brooklyn Bridge Park has been scrapped due to budget problems. Philanthropist Joshua Rechnitz had committed funds for the project to be built inside the footprint of an old one-story industrial building sitting within the park boundaries but, despite scaling the project back, site requirements like an aesthetic roof and the risk of flooding at its waterfront site made the proposed building too expensive.

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