Key Takeaways
- • Fortress Investment Group and U.S. Immigration Fund have partnered with Cirrus Real Estate Partners and LCOR to form joint ventures for the continued development of Brooklyn's Pacific Park, a 22-acre mixed-use site formerly known as Atlantic Yards, with Cirrus and LCOR designated as co-developers.
- • Pacific Park encompasses an existing portfolio of eight residential buildings, the Barclays Center, an MTA/LIRR permanent rail yard, a healthcare clinic, and a public school, with future development to include additional housing, commercial space, and recreation amenities.
- • The new development team is seeking approximately $350 million in state subsidies to fund construction of the platform and remaining parcels, with the project expected to generate union jobs, enhanced transportation infrastructure, and community benefits for Brooklyn residents.
- • Tim Sloan, Global Head of Real Estate at Fortress, emphasized the complexity and significance of Pacific Park as one of the most important residential real estate developments in the United States, positioning the joint venture as leveraging decades of combined development experience.
- • New York State's Empire State Development (ESD) has approved the joint venture partnership, signaling institutional support for accelerating the project's completion after years of development delays.
Summary
Fortress Investment Group, U.S. Immigration Fund (USIF), Cirrus Real Estate Partners, and LCOR announced the formation of joint ventures on October 7, 2025, to advance the development of Pacific Park in Brooklyn—a 22-acre mixed-use site on the former Atlantic Yards. Cirrus and LCOR have been selected as co-developers to lead the project's continued construction and delivery across remaining parcels. The partnership structure pairs Fortress and USIF's capital and institutional expertise with Cirrus and LCOR's development operational capabilities.
Pacific Park represents a substantial repositioning of underutilized rail infrastructure into a mixed-use residential and commercial hub. The site currently hosts eight completed residential buildings, the Barclays Center arena, a permanent MTA/LIRR rail yard facility, a healthcare clinic, and a public school. Future phases will add housing units, commercial space, green spaces, and public amenities designed to serve current and future Brooklyn residents while generating union construction jobs and improving regional transportation infrastructure.
The development is estimated to require approximately $350 million in state subsidies to fund the critical platform construction and development of unbuilt parcels, according to reporting on the project's financial structure. This substantial state support reflects the public-private partnership model underpinning the project and signals commitment from New York State, New York City, the Empire State Development authority, and the MTA to advance completion.
Tim Sloan, Global Head of Real Estate at Fortress, characterized Pacific Park as "one of the most important and most complex residential real estate developments in the USA today," positioning the joint venture as uniquely positioned to navigate regulatory, infrastructure, and construction challenges. The team's experience spans decades of real estate development, and the announcement reflects institutional confidence in accelerating delivery after the project faced extended timelines and prior financing hurdles.
Pacific Park represents a substantial repositioning of underutilized rail infrastructure into a mixed-use residential and commercial hub. The site currently hosts eight completed residential buildings, the Barclays Center arena, a permanent MTA/LIRR rail yard facility, a healthcare clinic, and a public school. Future phases will add housing units, commercial space, green spaces, and public amenities designed to serve current and future Brooklyn residents while generating union construction jobs and improving regional transportation infrastructure.
The development is estimated to require approximately $350 million in state subsidies to fund the critical platform construction and development of unbuilt parcels, according to reporting on the project's financial structure. This substantial state support reflects the public-private partnership model underpinning the project and signals commitment from New York State, New York City, the Empire State Development authority, and the MTA to advance completion.
Tim Sloan, Global Head of Real Estate at Fortress, characterized Pacific Park as "one of the most important and most complex residential real estate developments in the USA today," positioning the joint venture as uniquely positioned to navigate regulatory, infrastructure, and construction challenges. The team's experience spans decades of real estate development, and the announcement reflects institutional confidence in accelerating delivery after the project faced extended timelines and prior financing hurdles.
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