Monday, February 02, 2009

The clock ticks on the Atlantic Yards litigation, but reports of project's death "greatly exaggerated" (as per DDDB)

New Jersey Nets CEO Brett Yormark, in a 12/2/08 interview, promised groundbreaking for the arena in 2009, based on the following schedule:
I would say 2009 is the year. I say that for lots of different reasons. We've got really one piece of major litigation that remains... the eminent domain case. There will be a hearing in January, hopefully a favorable decision by the end of March...

Well, there's been no hearing and, in fact, no hearing has been scheduled yet. Here's the court calendar, which has cases listed through February 19. (And we're still waiting for a ruling in the appeal of the case challenging the environmental review.)

The current timetable makes it even tougher for Forest City Ratner to meet the announced 2011 arena opening--though, as I've said since last September, 2012 now looks like a more likely best-case scenario.

I'd still bet that the arena--though not the project as promised--more likely than not would move forward, though the odds are moving closer to even.

DDDB warns its mailing list that Reports of Atlantic Yards' Death Have Been Greatly Exaggerated, listing the various factors in play.

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