Atlantic Yards Money Pit?

East
Thursday, September 10, 2009
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SHoPs new design for Forest City Ratners Barclay Center arena in Brooklyn. (Courtesy SHoP Architects)

SHoP's new design for Forest City Ratner's Barclay Center arena in Brooklyn. (Courtesy SHoP Architects)

When Forest City Ratner released new designs by SHoP Architects of the Barclays Center yesterday, it was seen as an effort to right a listing ship. But no sooner had those copper-hewed renderings hit the presses than the city’s Independent Budget Office released a report [PDF] today noting that the arena will cost the city $40 million in revenues over the next 30 years as a result of financial incentives granted to the developer. Furthermore, the city lost a potential $181 million in lost opportunities through tax breaks and incentives provided to the developer, which cost the state $16 million and the MTA $25 million, though the report also notes both will release a net gain of $25 million and $6 million, respectively, if the deal goes through.

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