With respect to the arena, transit improvements and Carlton Avenue Bridge, the schedule remains unchanged. Construction is expected to be completed in advance of the 2012 Basketball Season (Fall 2012).Looking at the schedule
With respect to the overall Project Schedule – we have not updated the schedule set forth in the Technical Memorandum. We are hopeful that construction of the first residential tower will commence in 2011.
That revised schedule in the Technical Memorandum (see third page of this PDF, marked p. 6) does update the overall schedule announced in the 2006 Final Environmental Impact Statement (FEIS).
It essentially backs everything up a few years, but it's already out of date. For example, three of the first five towers are supposed to start in 2010, while the other two are supposed to start in 2011.
Also, two of those five buildings are on indefinite hold. There's no market as of now for Building 1, the office tower, which would be built only if an anchor tenant could be found.
Beyond that, the tower slated for Site 5--current home of P.C. Richard and Modell's would also be far in the future. Neither the state nor Forest City Ratner fully control the site, and the state has not yet pursued eminent domain for the site.
The project as a whole is supposed to be finished by 2019, even though penalties for delays on the third tower kick in only after a decade and penalties for the project as a whole kick in only after 25 years.
Reference, or fantasy?
So that new schedule, like the one from 2006, may turn out to be more of a fantasy than a reference.
After all, the September 2009 Kahr Report, commissioned by the Council of Brooklyn Neighborhoods for a lawsuit (result of reargument still pending), warned about "a stunning level of new ground-up residential and/or office development to start essentially in 2010 and 2011."