In consideration of summer vacation plans and to ensure the most up to date information is shared with the community we are rescheduling, the August 19th Atlantic Yards aka Pacific Park Brooklyn Community Update Meeting (formerly known as Quality of Life). The meeting is being moved to Wednesday, September 16th.Note that the postponement also means that officials from the developer and state get to avoid pesky questions about the intrusive 5 am noise from the block party Saturday, the time of which was never disclosed, or the noisy basketball tournament on the arena plaza, which was never announced.
The September 16th meeting will take place at:
@ 6:00 PM
Shirley Chisholm State Office Building
55 Hanson Place, 1st Floor Conference Room
Brooklyn NY 11217
A tentative meeting agenda has been attached for your review. We look forward to seeing you then.
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…