Brooklyn arena and development project going ahead Associated Press ALBANY, N.Y. -- A $4 billion redevelopment project that could reshape Brooklyn with a new arena for the New Jersey Nets, office towers and thousands of apartments was approved Wednesday after months of maneuvering among New York state's top political leaders. The state Public Authorities Control Board voted unanimously to authorize the Atlantic Yards development, a sprawling reuse of a downtown Brooklyn railyard. The state would pay $100 million and New York City would pay $100 million toward the project. The project, designed by renowned architect Frank Gehry, would rise above the railyard. Besides the arena, it would include 16 surrounding towers with housing, a hotel and office and retail space. The tallest building would rise 58 stories above the railyard. The project would also bring a major league sports franchise back to the borough for the first time since the Dodgers bolted for Los Angeles in 1957. "This project is vital to the resurgence of downtown Brooklyn and is unique in its ambition, blending residential, retail, commercial and entertainment on a grand scale," Dan Doctoroff, the city's deputy mayor for economic development, said earlier this month. http://sports.espn.go.com/nba/news/story?id=2704119 I had no idea this was this close to being passed. Anyone know if they plan on changing their name, since they will be moving to the Bronx?