Time: 14:00 – 16:00
Walk Host: Norman Oder, author, Atlantic Yards Report blog, and founder of New York Like a Native tours
Accessibility: Fully Accessible
Description: Jane's Walkers will learn the context of Brooklyn’s most controversial development project with Norman Oder, the journalist behind the Atlantic Yards Report blog and founder of New York Like a Native tours. The walk will begin near Atlantic Terminal, in front of the Williamsburgh Savings Bank, Brooklyn's iconic tower. Walkers will then dip into the revitalized Fort Greene community before traversing the area around the Barclays Center arena and the rest of the unbuilt Atlantic Yards footprint in Prospect Heights.
Meeting Place: The Williamsburgh Savings Bank/One Hanson Place (near the intersection of Atlantic and Flatbush Ave.)
Ending Place: Corner of Dean Street and Vanderbilt Avenue, Prospect Heights
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…