Friday, March 16, 2012

Forest City: TA work is "going extraordinarily well" (except that's not what bondholders are told)

At yesterday's Atlantic Yards District Service Cabinet meeting, Forest City Ratner Deputy Director of Construction Linda Chiarelli reported on construction progress.

The arena, she said now has a self-supporting roof, and "the facade is at about 55% enclosure, so those big towers holding it up" have been taken down. In the next month, the oculus at the entrance shoudl start to emerge.

New track is being laid for the railyard.

Transit connection progress

What about the transit connection? "The TA side, work is on schedule there, that's actually going extraordinarily well," Chiarelli said. "The canopy for the TA entrance is ready to be waterproofed."

But Merritt & Harris, the construction monitor for the bondholders, has not said the work is "going extraordinarily well."

As I reported 3/8/12, the Transit Connection was scheduled to be completed by 4/2/12, but is two months behind.

However, because there's some slack in the schedule--the Transit Connection isn't supposed to open until the arena does--the "additional 2 months will have no impact on the overall project schedule."

The report states that "due to early delays" the Construction Schedule slipped by approximately 2 months." That simply doesn't compute. The early delays had no significant impact, because the transit connection was well ahead of schedule for many months, as the graphic below indicates.

An updated construction schedule to include the Transit Connection canopy was to be submitted by February 2012, but has not yet emerged.
The graphic below tracks projected versus actual spending on transit connection. The hollow circles indicate actual spending.


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