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The Barclays Center is a sports arena currently under construction in Brooklyn, New York City. The arena is being built partly on a platform over the Metropolitan Transportation Authority-owned Vanderbilt Yards at Atlantic Avenue. It is part of a proposed $4.9 billion sports arena, business and residential complex. The arena is intended to serve as a new home for the National Basketball Association's New Jersey Nets, currently based at Prudential Center in Newark, New Jersey. The team will be renamed the Brooklyn Nets starting with the arena's expected opening season of 2012–13.