Tuesday, February 01, 2011

"Resolution... expected over the next few months" regarding arena construction schedule disputes (which were to be resolved in December)

Is the Atlantic Yards arena on schedule? Despite happy talk from Bruce Ratner and Brett Yormark in the 1/26/11 New York Times, we can't be certain.

The latest Site Observation Report, from consultants (to the bond trustee) Merritt & Harris, has been released, dated 1/28/11 and based on a 12/21/10 visit.

The previous report indicated that "there is a meeting anticipated for mid-December to resolve current schedule disputes."

That wasn't enough. Here's the update:
A High Level Arena Summary Construction Schedule, dated July 16, 2010, has been provided for our review. The current schedule, prepared by Hunt, indicates that substantial completion is anticipated to be by August 12, 2012. The Developer is currently reviewing that schedule and is working with Hunt to resolve current schedule disputes. A resolution is expected over the next few months.
Cash flow ahead of schedule?

The report also states:
Based on our computerized progress chart which compares the cash flow amount to the projected construction progress, the project is currently slightly ahead of schedule.
I don't get that from the chart. As noted in the chart below (click on graphics to enlarge), and highlighted above left, the actual spending (white circle) dipped slightly below the projected spending (dark circle) as of December 2010, after being somewhat ahead for several months.

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