There will be two meetings addressing Atlantic Yards issues taking place at Brooklyn Borough Hall on Thursday, January 26th.I'd add that there was considerable concern at the meeting last month over the content and timing of the much-promised Transportation Demand Management plan.
The next Atlantic Yards District Service Cabinet will meet from 9:30 am to 11 am. Members of the public may observe the meeting. The agenda has not yet been announced, but given the meeting's timing, it is likely to focus on the transportation demand management plan for Barclays Center.
The second meeting is a follow-up to the December 12, 2011 meeting on traffic issues related to Atlantic Yards. The meeting has the format of a roundtable discussion in which invited community groups can each appoint one representative to participate. Representatives of FCRC and NYCDOT will join the group. The meeting will begin at 6 pm.
Both meetings will be held in the Community Room at Brooklyn Borough Hall, 209 Joralemon Street.
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…