The hours the lights will be used will be expanded again when the "cutover" of LIRR operations from the southern tracks to the northern tracks takes place. Around the clock work will occur immediately before and during the cutover, which will take place over the course of two weekends in mid-June. Moving LIRR operations to the northern tracks is the next step in the construction of the railyard. The southern half now has to be lowered 27 feet to be at the same height as the recently excavated northern half...However, an "event of default" imposes relatively minor penalties: a delay in construction of any planned residential building--which is already delayed. It doesn't stop the arena from opening.
Members of the PHNDC board, (a sponsor of AYW), were previously told the cutover would take place May 28. The new date in mid-June could mean there is a delay in the railyard work, on which the reopening of the Carlton Avenue Bridge depends. Atlantic Yards Report has published a site observation report from Merrit & Harris, which states the bridge is expected to be complete October 3rd, five days after the opening of Barclays Center. The report also states the ESDC has asked FCRC to develop a mitigation plan in case the bridge is not complete. Substantial completion of the Carlton Avenue Bridge is cited in the Atlantic Yards Master Development Agreement as a condition for the opening of the arena, and holding the first public event at the arena prior to satisfaction of the arena opening conditions is an event of default under the MDA.
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…