Forest City Enterprises closes agreements to proceed with Atlantic Yards work
2:39 pm, December 23, 2009
Forest City Enterprises Inc. (NYSE: FCEA, FCEB) said various of its New York subsidiaries, together with the Empire State Development Corp., the Metropolitan Transportation Authority and the city of New York, have executed the necessary agreements for the official closing of the Atlantic Yards megaproject in Brooklyn, N.Y. Forest City said the closing clears the way for additional work to proceed on the project, beginning with construction of Barclays Center arena, the planned future home of the NBA's Nets, now in New Jersey. "Today's closing is a vital step forward in making a vision for the future of Brooklyn become a reality," Charles A. Ratner, Forest City president and CEO, said in a statement. "The jobs, economic activity and affordable housing this project will help create over the long term are more important than ever before, given the continuing economic challenges faced by the city and the nation."
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