Forest City Ratner is a subsidiary of Cleveland based ForestCity Enterprises, the largest publicly traded real estate development corporation in the United States. Bruce Ratner is the CEO and President of Forest City Ratner (FCR). FCR's headquarters are in the Metrotech office complex in Downtown Brooklyn. FCR is best known in Brooklyn for constructing Metrotech, the Atlantic Center Mall, and the Atlantic Terminal Mall.
Bruce Ratner's "Atlantic Yards" Proposal consists of 16 Skyscrapers and a $950 million Arena that will cost taxpayers nearly $2 billion, according to independent analysis. While the arena is most of what you hear about the project, it is a very small part of this plan. 90% of the scheme is skyscrapers which would rise up to 53 stories high, taller than the iconic Williamsburg Savings Bank, and cast shadows as far as DeKalb Avenue in Fort Greene.
Atlantic Yards was publicly announced for the first time on December 10th, 2003. Currenlty Forest City Ratner says that Atlantic Yards is a $4 billion project.
Besides relying on the use of taxpayer subsidies, the project relies on an abusive use of eminent domain which would allow the State of New York to seize private properties, homes and businesses, and hand them over to Forest City Ratner to demolish. The use of eminent domain has been called unconstitutional and is currently being challenged in New York State court.
The State of New York, at Ratner's behest, has determined that the project site is "blighted" despite that fact that it is in the middle of some of the most valuable real estate in the United States.
This project would fill seven large blocks, from Flatbush to Vanderbilt Avenues, and from Atlantic Avenue to Dean Street. That's almost 1.5 times the size of the entire World Trade Center site. If built, "Atlantic Yards" would be the densest residential community in the country by a factor of two.
3-5 additional skyscrapers are also proposed by the developer on Atlantic Avenue and Flatbush, on the current sites of the Atlantic Center Mall, PC Richards, and Modells.