Assuming it is able to go forward, a $4.9 billion mega-project in Brooklyn will proceed in stages under a modified plan the Empire State Development Corp. adopted yesterday at its monthly board meeting.

The new plan reflects new financial realities that apparently have constrained the developer's ability to carry out the project as it was originally approved in 2006. Developer Forest City Ratner Cos. expects to use around $700 million of bonds backed by payments in lieu of taxes to build an arena, but needs to sell the bonds by the end of the year.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.