Fortress, USIF, Cirrus, and LCOR Form Joint Venture for Brooklyn’s Pacific Park Development
NEW YORK — October 7, 2025 — Fortress Investment Group, U.S. Immigration Fund (USIF), Cirrus Real Estate Partners Real Estate Partners, and LCOR announced joint ventures to advance the development of Pacific Park, a 22-acre mixed-use project in Brooklyn, formerly known as Atlantic Yards. The partnership represents a new phase in the long-term redevelopment of the site, which combines residential, commercial, and recreational components.
Joint Venture to Advance Pacific Park Development
According to the announcement, Fortress and USIF have partnered with Cirrus Real Estate Partners, with Cirrus and LCOR serving as co-developers. Pacific Park currently includes eight residential buildings, the Barclays Center, a permanent MTA/LIRR rail yard, a healthcare clinic, and a public school. The next phase of construction will add housing, green spaces, and other community benefits, with work to be completed by union labor.
Statements from Project Partners
Tim Sloan, Global Head of Real Estate at Fortress, said the firm will bring its experience in real estate development to the project alongside its partners. “Pacific Park is one of the most important and most complex residential real estate developments in the USA today, and we’re honored to be stepping up to support the project,” Sloan said in the release.
U.S. Immigration Fund Chairman Nicholas Mastroianni said restructuring the project was a necessary step to ensure long-term success. “By bringing together Cirrus and LCOR, alongside Fortress, and securing approvals from both the ESD and the MTA, we’ve created a new foundation for growth,” Mastroianni said.
Joseph McDonnell, Managing Partner at Cirrus Workforce Housing, said the company is mission-driven and focused on delivering housing for New York City residents. “We’re thrilled to step up and deliver thousands of units of sorely needed housing in a public-private partnership with union labor,” McDonnell said.
Project Overview
The Pacific Park redevelopment aims to transform the site from open-air rail tracks into a mixed-use hub with housing, transportation infrastructure, and public spaces. Specific financial terms of the joint venture were undisclosed.