A new development team has formed to take over the stalled development of Pacific Park after the current owner fell into financial trouble.

Fortress Investment Group , U.S. Immigration Fund , Cirrus Real Estate Partners and LCOR on Tuesday announced the formation of a joint venture for the development of what was formerly known as Atlantic Yards in Prospect Heights. Fortress and USIF have formed a partnership with Cirrus, and the development is being led by Cirrus and LCOR as co-developers for the project.

The newly assembled team will transform what is still an open-air rail tracks operated by the Metropolitan Transportation Authority into a residential, commercial and recreation hub, the developers said. So far, eight residential buildings, Barclays Center, a health care clinic

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