The traffic and pedestrian safety barriers along the north side of Flatbush Avenue and Block 1118 for sewer installation is complete for the current phase of the work. Additional protection will be installed to modify traffic in 5th Avenue upon approval from the Department of Transportation.The Department of Transportation first tried to close Fifth Avenue in May 2007, planning to revise service on the northbound B63 bus route.
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…