At Friday's AY CDC meeting, contract renewal discussion; also, project changes coming? (plus some lingering questions)
The agenda (right) for the hastily-called meeting Friday of the Atlantic Yards Community Development Corporation (AY CDC) includes, most significantly, the advisory group's requested blessing for the parent Empire State Development to extend two consulting contracts: HDR, which monitors environmental mitigation, and STV, which serves as owner's representative.
As I wrote yesterday, Forest City Realty Trust's "strategic review" process is concluding today at 5 pm, and that could lead to a corporate merger, absorption, or sell-off. If so, that'll be big news for the company and the project, and could be discussed at the meeting Friday. (Also see my long retrospective on Forest City for The Bridge.)
Lingering project questions
As I wrote in January, the restructuring, with a new corporate overseer with a far weaker history in Brooklyn, and with this project, raises questions about several lingering issues:
- What about the Independent Compliance Monitor required by the Atlantic Yards Community Benefit Agreement (CBA), a non-government pact that was supposed to deliver community commitments? What of the CBA survives, anyhow?
- What about the off-site for-sale affordable condos, with 400 the responsibility of Forest City? (I recently wrote that Forest City executives did not sound like they counted this as a future financial obligation)
- What's the timetable for the planned middle school in the B15 tower (aka 664 Pacific), which also was supposed to contain market-rate units?