To some, it seemed like a good idea, an effort to take responsibility for the effects of Brooklyn’s biggest audience magnet. To others, it looked like overreach.For more, see the article...
Now, plans for a business improvement district (BID) for a zone around the Barclays Center, the Atlantic Center and Atlantic Terminal malls, and Brooklyn Academy of Music cultural district have been aborted without public discussion.
The reason? Organizers couldn’t figure how to spread the burden fairly on property owners, according to a letter sent yesterday to the BID steering committee and later passed on to this reporter.
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…