The next meeting of the Board of Directors will tentatively be held on November 19, 2009 at a location to be announced closer to the time of the event.Now I can't be certain that is when the ESDC will announce and approve final leases, contracts, and other documentation regarding Atlantic Yards, but that's probably the earliest potential date. As for the arena bonds, the Brooklyn Arena Local Development Corporation (BALDC) has to meet, as well.
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…