Skip to main content

Featured Post

Atlantic Yards/Pacific Park FAQ, timeline, and infographics (pinned post)

Another (and earlier) June 2014 map was more candid about project timetable than the one shared with immigrant investors

Hey, remember that site plan dated June 30, 2014 map that predicted project completion by the bizarrely optimistic year of 2022?

It was shared with immigrant investors in "Atlantic Yards III," the third round of fundraising under the EB-5 program, in document dated October 3, 2014 and distributed by the loan packager (aka regional center) U.S. Immigration Fund, as I wrote.

That was misleading, I wrote, because an updated and significantly less optimistic map, dated August 13, 2014, had already been prepared to be shared with locals in Brooklyn. (Given that it predicted project completion by 2025, it too was way overoptimistic.)

June 30, 2014 site plan predicted 2022 project completion
Guess what? There's even more evidence that immigrant investors were misled. An updated site plan had already been prepared, dated June 11, 2014, and shared by the developer with the city (clarified: and possibly Brooklyn advocates) negotiating the settlement that led to the 2025 affordable housing deadline. (I acquired the map via a Freedom of Information Law request regarding that 2014 settlement.)

That site plan indicated that the final towers would be complete in 2025. In other words, that map also should have been available to share with immigrant investors as of October 2014.
June 11, 2014 site plan predicted 2025 project completion
By the way, that site plan is in most ways similar to the August 13, 2014 site plan (below) later shared with the public. The latter, however, acknowledged later opening dates for the under-construction B2 tower, as well as the future B3 "100% affordable" tower and the 550 Vanderbilt condo.
August 13, 2014 site plan predicted 2025 project completion

Comments