If New Jersey Can do it for the Nets!!!! Houston Can do it for the Rockets.

Nets' arena to cost $275 million
NEWARK, N.J. -- A developer and the owners of the New Jersey Nets and the New Jersey Devils agreed Tuesday to build a $275 million
downtown arena on a site a few blocks from the train station.

The agreement between Newark Sports and Entertainment, an affiliate of YankeeNets, and Jerome Gottesman of Edison Properties resolves an argument over whether to locate the planned arena closer to Penn Station
or in the heart of downtown.

The parties were pushing sites about 600 feet apart on either side of Mulberry Street. YankeeNets and city officials preferred locating the arena next to the train station, believing that mass transit access was vital
to ensuring the city arena's success.

Gottesman, who owns much of the land on the site, favored locating it at Broad and Market streets, thus allowing to develop the adjacent land into office buildings.

The "agreement in principle" allows Gottesman to build office buildings adjacent to Penn Station, while YankeeNets and the city will get to build an arena closer to the station than downtown.

It also scraps a plan for a soccer stadium for the New York/New Jersey MetroStars. YankeeNets decided last month to remove the separate stadium from its proposal and replace it with a mixed-use development
proposal that would include office space, television studios and educational facilities.





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ballplayer

 

Granted this sounds like it is private money!

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ballplayer