Meanwhile, Sports Business Journal reports Barclays Center’s grand opening is set for Sept. 28, 2012, capping a three-week run of soft openings tied to open houses and community events, Brett Yormark said. The event that day should be announced in the next 30 days...but many believe it will be a concert by Jay-Z. The date was included in a story about how the Nets need to hire a new general manager for Barclays after the Knicks stole Alex Diaz from the Nets arena project.
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…