Monday, July 30, 2012

Flashback to September 2010: Forest City's Gilmartin said "we anticipate" funding for first tower by spring of 2011

Less than two years ago, at a 9/29/10 public meeting on the arena plaza, Forest City Ratner Executive VP MaryAnne Gilmartin aimed to mitigate some of the bad publicity that stemmed from Bruce Ratner's comments at a press event a day earlier about how the project might take longer than ten years.

"We explained the possibility that the project might be delayed by economic conditions and be built over a longer period than ten years," she said. "That being said, Forest City's plans for the buildout are as follows. We are currently working on moving forward with the three residential buildings on the arena block. We anticipate having funding in place to start the first building at Dean and Flatbush in the spring of 2011, the second six to nine months later, and the third about the same time after that."

Note that the Development Agreement gives them a lot more time--ten years for the third tower to start--before penalties kick in. Construction on the first building has been delayed again and again, though now executives say it will start before the end of the year, though it's not clear yet whether it will be modular construction.



"And then we move on the Phase 2, the development of the project east of Sixth Avenue," Gilmartin concluded. "Let me be clear. Forest City is a company with great determination and deep roots in Brooklyn. We are 100% committed to delivering the entire Atlantic Yards project and all of its benefits, to the borough of Brooklyn."

All of its benefits? As I wrote in October 2010, the modular option had emerged on Forest City’s radar screen in late 2009, which would save Forest City money and deliver a less expensive building, but not share as many benefits with the construction unions that rallied so vigorously for the project.

(Video by Jonathan Barkey)

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