The arena, proposed in 2004 when real estate developer Bruce Ratner purchased the Nets for $300 million as the first step of the process to build a new home for the team, experienced significant hurdles during its development. Its use of eminent domain and its potential environmental impact brought community resistance, especially as residential buildings and businesses such as the Ward Bakery were to be demolished and large amounts of public subsidies were used, which led to multiple lawsuits. The global recession of 2009 also caused financing for the project to dry up. As a result, construction was delayed until 2010, with no secure funding for the project having been allotted. Groundbreaking for construction occurred on March 11, 2010, and the arena opened on September 21, 2012, which was also attended by some 200 protesters. Its first event was a Jay-Z concert on September 28, 2012. The arena is owned by the State of New York's Empire State Development authority through a public entity named the Brooklyn Arena Local Development Corporation. It is leased by Brooklyn Event Center LLC, owned by Brooklyn Nets owner Joseph Tsai, with operations (and associated revenue) managed by Tsai's BSE Global.