LIRR Yard Activities Block 1120 & 1121
New Information: In connection with work that will be taking place in the yard, the contractor will be performing test pits (small area excavations) within the vicinity of the Atlantic Avenue and 6th Avenue intersection. The purpose of these test pits are to determine the location of underground structures and utilities. The excavations will be plated and/or patched over at the end of each work day.
Work will be performed in accordance with DOT permits which require that the work be performed at night (10 pm to 6 am). Work will be performed, between the time frame of March 24, 2014 and April 23, 2014, with the initial work taking place during the overnight hours of March 25-27th. No weekend work is contemplated at this time.
Part of the work will impact the Atlantic Avenue bus stop at the southeast corner of the intersection of 6th Avenue. Work dates will be coordinated with Arena operations.
For more information, please contact:
Atlantic Yards Community Liaison Office
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…