Which brings us to a post that was done by the Wonkster yesterday on the CB 9 vote. Calling the CB9 vote a "bump in the road," and referring to Curb's description of the vote as "meaningless,"the web site went on to point out that Richard Lipsky's representing the area's largest property owner and according to the indefatigable Norman Oder, is making arguments that he supposedly refuted when he was representing FCRC on the Atlantic Yards controversy.
First, it would have been nice if Wonkster had linked to us if it was going to link to Oder's exhaustive deconstruction of our arguments. But that being said, we are flattered by the almost hermeneutic-like attention Oder pays to our positions on the topics of eminent domain and the land-use process. He has an almost Talmudic fascination for what he sees as our inconsistencies in these areas.
And in some ways he's right since politics is so often a case of, "whose ox is being gored." But in another important way he's off the mark. One's view of process is colored by, in this case, first principles. In any land use matter first principles emanate from your view of the merits of the project itself.
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…