Friday, June 10, 2011

Latest consultant's report: arena still ahead of schedule, 360 people on the job in April

According to the latest Arena Site Observation Report, dated 6/2/11 and based on a 4/28/11 visit (and documents made available 5/23/11), based on cash flow, the arena project is one month ahead of schedule and the transit connection two months ahead of schedule.

The report is prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.

While "substantial completion" is anticipated by 8/27/12, the Developer is still reviewing the schedule and is working with Hunt Construction to reach an agreement, according to the report. A resolution was expected by May 2011. (Note that a resolution on that schedule has been expected since December.



On the job, 360 people?

While the previous report, dated 5/4/11 and based on a site visit 3/24/11, stated that "240 persons have been on the job this month," based on manpower logs, the new report put the number at 360 in April.

In May, according to Forest City Ratner officials reporting at the Atlantic Yards District Service Cabinet meeting, there were 500 workers on site.

While in March about 30% of the workforce was attributed to MBE/WBE companies--perhaps because of demolition work--in April the numbers declined, according to the new report:
Approximately 6.0% of and 9.5% of the workforce on the job this month is attributed to MBE and WBE companies, respectively, with a projected MBE and WBE participation to account for 13.3% and 9.3% of the workforce.

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