Tuesday, May 03, 2011

"Ratner's refute"? Real Deal claims "Developer insists Atlantic Yards is moving forward"

Well, we shouldn't expect that much from the real estate industry-friendly publication The Real Deal, which has published a cover article headlined Ratner's refute: Developer insists Atlantic Yards is moving forward.

I'll have more of a critique in a bit, but first, consider that such head-in-the-sand reporting somehow misses the news from last fall, as I wrote 9/28/10: From WNYC today, Ratner Abandons 10-Year Timeline for Atlantic Yards:

Developer Bruce Ratner said Tuesday morning what many of his critics and even some of his associates have been saying for years: there is no way the entire Atlantic Yards project will be done in 10 years.

He said the 10-year timeline was always misunderstood. It was never meant to be more than a best-case scenario to be used in environmental impact statements.

“That was really only an analysis as to what the most serious impacts [would be], if all the other planned development in downtown Brooklyn happened right away,” Ratner says. “It was never supposed to be the time we were supposed to build them in.”

He added: “I would say it's really market-dependent as to when it will really be completed.”

WNYC's Matthew Schuerman added a bit of skepticism:
But the 10-year-timeline was also used by the city, state and Ratner’s own consultant to determine that the financial benefits to the public outweighed the roughly $300 million in direct subsidies the project is receiving.
Ratner in 2008: ten years

As I pointed out last September, in a 5/4/08 Daily News op-ed, Ratner sang a different tune:
Our first goal is to break ground on the Barclays Center later this year. Shortly after that, we will break ground on the first residential building, which includes a significant amount of affordable housing.

We plan to complete and open both of these buildings at the same time. Then we plan to break ground on the next residential tower in 2010, and then on the final residential tower of the project's first phase in 2011.

In these three residential buildings, no less than 30% of the approximately 1,500 units will be dedicated to low- and middle-income New Yorkers. We will then start the second phase of development, nearly a dozen additional residential buildings - including the balance of the 2,250 units of affordable housing.

We anticipate finishing all of Atlantic Yards by 2018.

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