New York, NY —

The state economic development agency has given final approval to a revised plan for the Atlantic Yards project in Brooklyn. WNYC's Matthew Schuerman reports.

The developer behind the project, Bruce Ratner, says he hopes to complete the basketball arena, apartments and office space in 10 years. But Steven Matlin of the Empire State Development Corporation says it could take longer.

MATLIN: No one really knows what's going to happen with the economy so no one feels certain enough to say it will absolutely going to happen in 10 years, and quite frankly we are going to allow for additional time if additional time's needed.

The revisions allow Ratner to acquire the property and build the project piece by piece, reducing the need to borrow money at a time when the credit markets are still weak. Ratner is promising to break ground on the first building, the arena, by the end of the year. But a lawsuit against the project comes before the state's highest court next month. For WNYC, I'm Matthew Schuerman.

More details about the vote are on our news blog.