More than three years since developer Bruce Ratner first unveiled his plans to build a basketball arena as part of a redevelopment plan for a stretch of Brooklyn, a third design was presented Wednesday for the new arena for the team that would be called the Brooklyn Nets.

The redesigned venue would straddle the busy intersection of Atlantic and Flatbush Avenues and require knocking down buildings through eminent domain.

Ratner aims to bring his New Jersey Nets to the site, which will seat 18,000 spectators for basketball games and up to 19,000 for concerts.

There are also 100 luxury suites, including 16 so-called Brownstone Suites, and six clubs and restaurants.

Ratner says construction is expected to begin later this year, with an anticipated opening during the 2011-2012 season.

Daniel Goldstein, part of Develop Don't Destroy Brooklyn, a group challenging the Atlantic Yards project in court, has a condominium which stands in the way of the arena. He complained Ratner only unveiled arena renderings today, not for the entire site, and said the new designs amount to "lipstick on a corrupt pig."

"It's supposed to be 16 towers, eight million square feet," said Goldstein. "The state's going to approve it next week, yet there are no designs for anything other than this arena, which the city Independent Budget Office has called a money-loser. So what do we have here?"

Develop Don't Destroy Brooklyn representatives will argue before the state's highest court next month, after losing previous court decisions.

Ratner has to sell hundreds of millions of dollars in tax-free bonds before year's end.