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Say Goodbye to "Atlantic Yards." It's now "Pacific Park"

Forest City Ratner

After nearly a dozen years as a symbol of continuing and often contentious squabbling, "Atlantic Yards" is no more. The giant development project planned around Barclays Center has been rebranded, and will now be known as "Pacific Park."

The announcement was made official Monday by Forest City Ratner who conceived the project of 16 towers rising above the LIRR's Atlantic Yards and adjacent properties 11 years ago. The announcement in fact made no mention of the old name nor the controversy which borrowed the name of the location and project.

Why the rebranding?

Forest City CEO and President MaryAnne Gilmartin told that the new name coincides with a new phase of the project, with work moving "from pre-development to vertical."

Why Pacific Park?

It may very well have to do with the project's new 70 per cent owner, Greenland Holdings of Shanghai, the Chinese government entity that paid Ratner $200 million this year to acquire a majority interest in the 22-acre project. The deal did not include Barclays Center, still owned 55 percent by Ratner and 45 percent by Mikhail Prokhorov, or B2, the 33-story apartment tower going up at the arena's southern edge. Ratner will continue to own that building.

Forest City and Greenland also announced the next building to rise at the site, about a block from Barclays, will be an 18-story tower (pictured) to be called 535 Carlton.