NEW YORK (AP) -A massive proposed complex including a new arena for the New Jersey Nets is ending the year with momentum, though opponents say they’ll keep trying to stop the massive project.
The developer planning the proposed $4.9 billion Atlantic Yards development signed key documents Wednesday letting the project proceed as a state agency filed papers to force the sale of part of the 22-acre property through condemnation.
Last week, developer Forest City Ratner Cos. sold more than $500 million in bonds to finance the arena and completed a plan to sell 80 percent of the team and 45 percent of the arena to Russian billionaire Mikhail Prokhorov (mih-KILE’ PROK’-uh-rov).
But some lawsuits fighting the project continue, and opponents say they will challenge the condemnation proceedings.
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