Monday, June 08, 2009

AY Construction Update: Yard work through end of year (which means no arena start?)

Less than a week after the last Atlantic Yards Construction Update emerged, late and inaccurate, the Empire State Development Corporation (ESDC) today released (after getting it from Forest City Ratner, of course) the subsequent Construction Update on time.

Notably, the update issued for this week and next acknowledges work re-started (as it actually appeared last week) at the Vanderbilt Yard:
Long Island Rail Road/Vanderbilt Yard Work
• Remobilization of contractors
• General excavation in the Yard, starting on Block. 1120 -Work at the East Portal in preparation for concrete pour -Work in preparation for cap beams required for Trestle
• Work is anticipated to continue through the end of the year.

Environmental Remediation
• Rigs are on site, Block 1118, lot 1 and Block 1119, lots 1, 64, in connection with soil borings that are being conducted.


However, Tracy Collins finds that rigs, in fact, are not on site and that there's no action on Block 2210.

Questions

OK, Forest City Ratner sounds serious, but if they're working through the end of the year, arena groundbreaking wouldn't happen until 2010--as the ESDC has already acknowledged--wouldn't it be delayed until 2012 at best?

How exactly did pending lawsuits stop Forest City Ratner from continuing the work? They didn't, as noted in past coverage. But the developer did have some cash-flow problems.

And will the questionable increase in property values on the site, as noted earlier today in AYR and then by the Observer, lead to any inquiry?

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