One anticipated—and delayed—element of the Atlantic Yards Community Benefits Agreement (CBA) is a promise to rent the arena “to community groups for at least ten (10) events per year, at a reasonable rate, with net proceeds from such events to be used to support nonprofit community organizations.”For the full article, including information on how to apply, more on the DBNA's activities, and the curious nature of the CBA, go to Brooklyn Bureau.
That community events program should finally become visible when the Barclays Center begins its third season of operations, at the end of September. Given the “significantly reduced cost,” said organizer Sharon Daughtry, executive director of the Downtown Brooklyn Neighborhood Alliance (DBNA), who spoke at a launch event March 14, “a lot of money can be funneled into our community organizations.”
Such events—which could include fundraisers, concerts, job fairs, and banquets—may be held in various arena locations, including the arena bowl, the Cushman & Wakefield Theater (a truncated version of the bowl), the practice court, the Calvin Klein Courtside Club and the 40/40 Club.
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…