The acknowledgement by Ratner and the state that the project could take as long as 25 years to complete - instead of the scheduled 10 - means it can't achieve its legal purpose of removing blight, opponents allege.That, actually, is a bit of a nonsequitur. Put aside the question of whether a Supplemental Environmental Impact Statement (SEIS) was required. Can a project taking 25 years remove blight as intended?
The ESDC rejected the charges, saying in a statement that officials "carefully considered" whether a new environmental study was needed and concluded it was not.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…