Developer Bruce Ratner is flying to China next month, but he's not searching for the next Yao Ming. More like the next ch-ching! Now that the Barclays Center arena is under construction and the Nets are on their way, Ratner is onto the next phase of Brooklyn's beloved Atlantic Yards megaproject: Those 16 or so towers, the first of which is scheduled to break ground sometime in 2011. He needs to raise cash, and the Wall Street Journal reports that a federal program called EB-5 is the ace up Ratner's sleeve. Sounds even more mysterious than the Atlantic Yards architecture dream team!
The program grants green cards to investors who lend at least $500,000 to job-creating programs in needy areas, and the program was largely unknown in New York City until the Brooklyn Navy Yard used it to seek out $125 million in financing last spring.You don't need to Netflix Green Card to understand the lengths that some foreigners go to in order to attain the powerful little document, so Ratner may just get his desired $250 million. With an arena built with Russian money and other parts of the project funded by the Chinese, Atlantic Yards is shaping up to be quite the international buffet!
· Ratner Mulls Visa Financing [WSJ]
· Atlantic Yards coverage [Curbed]