Modell’s has had a prominent location for years on Atlantic Avenue near the Barclays Center, but lost the spot to eminent domain to make way for the Atlantic Yards/Pacific Park development.Not yet. The Site 5 development is on hold as P.C. Richard, which occupies the other big box store on the site, is suing to enforce a deal that it says guarantees their store a place in the coming development. Photos from Thursday.
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…