Carlos Menchaca’s journey to the City Council began as the oldest of seven children raised by a single mother in El Paso, Texas. After attending a Jesuit university in San Francisco, where according to Menchaca the Jesuits “provided the foundation for all of the ideas that I have,” he set out for New York City through the Coro Fellows Program, a public affairs graduate school leadership training intensive. Two days into his time in the city he had a meeting with Councilwoman Letitia James, who inspired him with a passionate denunciation of the Atlantic Yards development in Brooklyn.This was part of the 40 Under 40 feature. Here's the full article and full issue.
“She was giving hell about this big development, this Atlantic Yards thing, and she was just like a preacher,” Menchaca said. “Energetic, amazing! So that really started my injection into New York City politics.”
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…