Beyonce Knowles - Jay-Z And Beyonce Launch Basketball Arena Project

Hip-hop mogul JAY-Z made a rare public appearance with his wife BEYONCE in New York on Thursday (11Mar10) to launch a new basketball arena project in Brooklyn.

The couple attended the official launch ceremony at the site of the New Jersey Nets' new stadium, a $4.9 billion 18,000-seat venue which is slated for completion by 2012.

Jay-Z, a co-owner of the team since 2004, spoke of his pride at seeing his beloved Nets, currently based in East Rutherford, New Jersey, get a new home at the Barclays Center.

He told the crowd, "What I stand here and represent is hope for Brooklyn, New York City. I'm a son of Brooklyn, I'm from Marcy projects. I think about growing up in Brooklyn in the Marcy projects and shooting jump shots, thinking I can make it to the NBA (National Basketball Association). Now I stand here as an owner of (a) team that's coming back to Brooklyn. The pride in that, and bringing that dream so much closer for people, brings me so much pride I get a little nervous about it. But I'm very happy, very excited about this day."