Brooklyn's Barclays Center is an Eminent Domain-Created Failure- loses money and revitalized nothing

[Mika]

Brooklyn's Barclays Center is an Eminent Domain-Created Failure
Politicians and developers stole a neighborhood to build it, but it loses money and revitalized nothing.

It's been a little more than three years sinceThe House that Eminent Domain Built Barclays Center, the 18,000-plus seat arena that's home to the NBA's Brooklyn Nets and the NHL's New York Islanders, opened on the site of Atlantic Yards in Brooklyn. After debuting in September 2012 with a series of sold-out Jay-Z shows, the mixed-use facility has held dozens of high-profile concerts and even hosted the 2014 Rock and Roll Hall of Fame induction ceremony.

But despite its flashy entrance into a metropolitan market that already has three major indoor arenas, the project has turned out to be (surprise!) a financial loser, failing in just about every quantifiable measure. The promised "affordable housing" has yet to materialize and where the construction of new housing is even being attempted there are major structural and engineering problems. The opening of a few new businesses in the shadow of the arena can't exactly be credited to its existence, as the surrounding areas had been becoming a more desirable place to work and live for years prior to its construction.

Rest of story (filled with embedded links) --> here.

[Blue_Tires]

1. reason.com?

Last edited Thu Jan 14, 2016, 08:46 PM - Edit history (3)

lol...

But anyway, let me get this straight-- They have *two* major sports tenants, had NBA all-star weekend last year, are hosting NCAA tournament games for the first and second rounds, and somebody is typing with a straight face that place isn't taking in a ton of fuckin' cash??

OK fine, three years in the residential and commercial development isn't where they want it to be (which will come in time), but don't fuckin' tell me the place is a failure...

If the pols and developers haven't made the most of this opportunity that's their goddamned fault, and not that of the arena or it's tenants...

For decades Brooklyn wanted to be a player in pro sports again; they bent over backwards to make this happen, and now they have buyer's remorse just 3 years in? Well they better get committed fast, because there ain't some 'reset button' to press..

[peterwhite]

2. no surprises

this was not to be unexpected.

[Hoppy]

3. Public Radio piece today about the Rio Olympics.

That, too is becoming a disaster for the host city.