The legal case involving Site 5, currently home to Modell's and P.C. Richard, may be heading toward resolution in 2018, though it's taking a while.
Developer Greenland Forest City Partners wants to transfer development rights from the unbuilt--and, surely, never to be built--B1 tower over the arena plaza catercorner across the street to Site 5 to build a huge two-tower office (or condo, it's unclear, as I wrote) project. It's even been suggested, prematurely, as a home for Amazon.com's second headquarters.
P.C. Richard claims that, more than a decade ago, it was promised space in the successor building. Forest City Ratner, which made that deal, denies that. The documents are under seal, so we don't know.
Note that the retail picture now, where Greenland Forest City--according to previous statements--is interested in building retail on the lines of the Time Warner Center, is very different.
Progress later in 2018?
The case is percolating along, with a court process to keep confidential materials that will be submitted in connection with a Forest City motion for partial summary judgment to resolve the case.
That suggests potential resolution in 2018, and thus the beginning of the public process--involving public hearings and and environmental review, but surely approved by Empire State Development--to transfer that bulk.
A Forest City lawyer writes, in a document submitted to the court:
motion for partial summary judgment to file its opposition and cross motion, if any, and the two parties will have 30 days each to file reply motions.
Forest City plans to file its motion on 4/25/18, according to documents. That suggests a court argument--or a decision based just on papers--at least five months later, or no earlier than the end of September 2018.
Developer Greenland Forest City Partners wants to transfer development rights from the unbuilt--and, surely, never to be built--B1 tower over the arena plaza catercorner across the street to Site 5 to build a huge two-tower office (or condo, it's unclear, as I wrote) project. It's even been suggested, prematurely, as a home for Amazon.com's second headquarters.
P.C. Richard claims that, more than a decade ago, it was promised space in the successor building. Forest City Ratner, which made that deal, denies that. The documents are under seal, so we don't know.
Note that the retail picture now, where Greenland Forest City--according to previous statements--is interested in building retail on the lines of the Time Warner Center, is very different.
Progress later in 2018?
The case is percolating along, with a court process to keep confidential materials that will be submitted in connection with a Forest City motion for partial summary judgment to resolve the case.
That suggests potential resolution in 2018, and thus the beginning of the public process--involving public hearings and and environmental review, but surely approved by Empire State Development--to transfer that bulk.
A Forest City lawyer writes, in a document submitted to the court:
As noted in the Proposed Stipulated Order, this action concerns a Letter of Intent between the parties dated December 2, 2006, relating to the proposed redevelopment of certain property located with "Site 5" of the Atlantic Yards Land Use Improvement and Civic Project, where A.J. Richard owns and operates a P.C. Richard appliance store. The Letter of Intent contains a confidentiality agreement requiring that the parties keep the terms of the Letter of Intent confidential, and on that basis, this Court has issued two previous orders permitting the parties to file under seal the Letter of Intent, as well as affidavits and memoranda of law that disclose and discuss its terms.According to the stipulation, A.J. Richard shall have 90 days from Forest City's filing of its
Forest City is ready to file a motion for partial summary judgment. In connection with that motion, the parties will need to submit for the Court's consideration the Letter of Intent and other materials relating to the confidential terms of the Letter of Intent.
motion for partial summary judgment to file its opposition and cross motion, if any, and the two parties will have 30 days each to file reply motions.
Forest City plans to file its motion on 4/25/18, according to documents. That suggests a court argument--or a decision based just on papers--at least five months later, or no earlier than the end of September 2018.
Comments
Post a Comment