Press Release Archives - 572-96 Opening of Atlantic Center

Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: November 7, 1996

Release #572-96

Contact: Colleen Roche (212) 788-2958, Deirdra L. Picou (212) 788-2971 or,
Bernadette O'Leary (212) 312-3523 (EDC)

MAYOR GIULIANI ANNOUNCES OPENING OF CALDOR, OLD NAVY, "KIDS R US" AND OTHER LEADING RETAILERS AT ATLANTIC CENTER IN DOWNTOWN BROOKLYN

OVERALL CITY INVESTMENT OF $18.55 MILLION IN FINANCING HELPS LAUNCH RETAIL PROJECT

NEW YORK CITY -- Mayor Rudolph W. Giuliani today cut the ribbon for the grand opening of almost 400,000 square-feet of new commercial space at the Atlantic Center in Downtown Brooklyn. Today's ceremony marks the completion of the first phase of the Center -- a planned retail development of more than 800,000 square feet.

Joining the Mayor at the ribbon cutting ceremony were Deputy Mayor for Economic Development and Planning Fran Reiter, Brooklyn Borough President Howard Golden, Bruce Ratner, President and Chief Executive Officer of Forest City Ratner Companies and other officials.

The newly completed $85 million retail development at the corner of Atlantic and Flatbush Avenues will be the home of major retailers such as Caldor, Pathmark, Kids R Us, Old Navy, Office Max, The Sports Authority, Marshalls, House and Homes Stores, Party City and Circuit City. It is expected to create more than 1,300 new retail jobs.

"This is an exciting day for Brooklyn residents, and indeed all of New York City -- Atlantic Center has brought together top names in the retail industry for a community that has long been in need of shopping alternatives," Mayor Giuliani said. "Not only will this development mean that residents will be able to shop close to home and keep revenues within the City, but it means more than a thousand jobs added to the ever-growing private sector job rolls."

Construction began on Atlantic Center in 1994, and after a change in the anchor tenancy, resumed in 1995. The City, through its Economic Development Corporation, contributed $10.55 million in capital budget money toward the retail portion of the project to finance the construction of a public parking garage. The City also allocated $8 million in Urban Development Action Grant funds from the U.S. Department of Housing and Urban Development.

The Atlantic Center retail development is part of a $200 million residential and commercial project on a 24-acre, city-owned site once proposed to be the new Ebbets Field for the Brooklyn Dodgers.

Borough President Howard Golden said, "I am please to have helped bring this critical project to fruition both by allocating capital funding and serving as Chair of the Atlantic Center Community Advisory Committee. This office, commercial and residential complex will be a welcome and much-needed addition to the Downtown Brooklyn Landscape -- after years of patience, the community deserves the best."

"Mayor Giuliani has continually pushed for the development of public/private partnerships, and today we see before us the successful result of such a relationship," said Fran Reiter, Deputy Mayor for Economic Development and Planning. "This project represents a major economic development for the City, and the opening of the retail portion of this project will only help further the revitalization of Downtown Brooklyn."

"The opening of Atlantic Center today represents a major milestone in Mayor Giuliani's efforts to stimulate the development of retail, create jobs and meet the needs for under-served neighborhoods," EDC President Charles Millard said. "Atlantic Center, in the heart of the City's most populated borough and near a major transportation hub, is sure to enjoy great success, especially with so many high-quality and well-reputed retailers as its tenants."

Bruce Ratner, President and CEO of Forest City Ratner Companies said, "Atlantic Center is a modern, urban shopping center that will serve as a model for American cities. Atlantic Center means that City shoppers will now have access to the freedom of choice and the convenience that shoppers in the suburbs have. Atlantic Center means affordable home-ownership for a new urban family community. And it means economic opportunity. Of the more than 1300 permanent jobs being created at Atlantic Center's nine stores, over 90 percent are being filled by people who live here in Brooklyn. That's the right kind of job creation -- meaningful jobs for people, right here at home."

Among other customers, the shopping complex will serve the residents of Atlantic Center's new housing units. The first phase of the residential component is completed and almost fully occupied. Phase Two is currently under construction. Construction of the third phase of the residential component, consisting of 111 units of elderly housing, is expected to begin in 1997. The City's Department of Housing Preservation and Development (HPD) managed the housing development for the City.

"Comprehensive neighborhood rebuilding requires housing, retail and other amenities that characterize stable, thriving communities," said HPD Commissioner Lilliam Barrios-Paoli. "We are delighted that HPD's new housing development, located three blocks away from this project, will now be supported by this major shopping area."

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.

EDC also funded and implemented approximately $4 million in street improvements around Atlantic Center.