One of the community organizers, Darnell Canada, spoke up. He explained that this was the first organizational meeting of BUILD, whose formation had been announced the week before in a press release from then-Assemblyman Roger Green. “We’re here because we’re going to sign a Community Benefits agreement with Forest City Ratner,” he said. The purpose of the meeting was to decide what to ask for.
"Wait a minute," I said. "We haven’t even heard the pitch. We don’t know what’s going to be built. And we don’t know what’s going to happen to the people who live there now."
"That’s not important, said Darnell. “Where were they when the City cleared people out of Ingersoll Houses? They’ll get what they deserve.”
I looked around. Most of the room, including James [Caldwell] and others I had worked with for years, were nodding their heads. At first I couldn’t believe it, but then I understood. This was all part of the developer’s plan. Forest City was going to use a CBA as a wedge to separate civic leaders residing mostly in outlying neighborhoods from the more affluent residents of the community immediately surrounding Atlantic Yards.
My stomach sank. The cynicism of this was shattering. The people sitting around the table clearly did not perceive the extent to which they were in danger of being horribly abused by the developer. Any firm that would be so brazen in manufacturing support as to stage a “community” strategy session in its conference room would certainly have no qualms about disposing of such support as soon as its usefulness had ended.
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…