Ratner releases newest version of Nets arena.

It was a busy news cycle for Atlantic Yards developer Forest City Ratner last week.

After the chilly reception for its first design since starchitect Frank Gehry left the picture, the company revealed a new vision for its planned $772 million Nets arena (below), the centerpiece of its massive Atlantic Yards mixed-use project in Brooklyn.

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The city's Independent Budget Office also released a report that estimates the sports facility, which is receiving public money and discretionary benefits, would create a net loss to the city of nearly $40 million over 30 years. The report said it will cost the city $170 million while generating only $130 million in new tax revenues.

A spokesman for Forest City Ratner said there would be no statement on the report, but the company told the New York Times that is was "widely off mark." Forest City Ratner said the report ignores other development within the overall Atlantic Yards project, as well as sales and other revenues.

In separate but related news last week, new renderings were released for the 675,000 s/f arena. The glass-and-steel facility would include three bands that are woven together. It replaces visions of a more vanilla plan, images of which were leaked to the public earlier this year and dubbed "an airplane hanger" by critics.

Forest City Ratner said the arena will feature 18,000 seats for basketball games, 19,000 for concerts. One-hundred luxury suites have been planned.

Brooklyn Borough President Marty Markowitz is a fan of the change.

"As I have said all along, Brooklyn is the greatest city in America. We're ready to get back into professional sports' big leagues, and this arena is going to make it happen," he wrote in a statement on his Web site.

"I am thrilled that the new design delivers not only a luminous, iconic structure that celebrates Brooklyn's industrial heritage with its steel and glass exterior, but one that harmonizes with the architecture of the surrounding neighborhoods and creates a welcoming environment for the public at street-level."

Ellerbe Becket and SHoP Architects designed the new arena.