Digging on lot adjacent to McDonald's seems aimed at getting 840 Atlantic foundations in the ground before 421-a deadline June 15

Guess what--there's drilling equipment in the storage lot on Atlantic Avenue immediately adjacent to the McDonald's lot, which is the largest component of the 840 Atlantic project, approved last year.

And that, I suspect, is an effort to get foundations--some foundations--in the ground by June 15 to take advantage of the current, and not yet renewed, 421-a tax break.

The City reported 4/26/22, in Hochul Honeymoon Is Over for Livid Albany Lawmakers:

In a blow to [Gov. Kathy] Hochul, a controversial tax abatement program that gives developers tax breaks in exchange for setting aside affordable housing seems likely to expire in mid-June, with no replacement. The governor had proposed a reformed version of the so-called 421-a program and assured the influential real estate industry — a major source of her campaign donations — that it would be re-upped in some form, according to several people familiar with the situation.

But the votes needed to extend the program, or craft a new version of it, simply aren’t there in the Democratic-dominated Senate or Assembly, say Albany insiders.

The challenge for the developer of 840 Atlantic is McDonald's is still resisting being evicted, which means they can't immediately build the tower.

Foundations on a lot

But they can put foundations in on land they control. 

From the project's Environmental Assessment Statement:

The Development Site contains a fast food establishment with a drive-through and parking lot fronting on Atlantic Avenue and Vanderbilt Avenue on Tax Lot 1. Tax Lot 9, fronting on Atlantic Avenue, is a vacant lot utilized as open storage. Tax Lot 10, fronting on Atlantic Avenue, is developed with a three-story residential building with ground floor retail. Tax Lots 69 and 70, fronting on Pacific Street, are developed with two 3-story residential buildings, flanked on each side by vehicular entrances to the fast food establishment parking lot. Lot 68, fronting on Pacific Street, is vacant and currently utilized as open storage.

Tax Lot 9 is where the work is being done. 

What's perplexing, as I reported, is that developer Vanderbilt Atlantic Holdings has apparently filed permits to build two buildings rather than one. (Or, perhaps, one building in two parts?)

The current drilling presumably would support the Atlantic Avenue building. But who knows--I haven't seen the drawings and the developer hasn't spoken--maybe the back of that lot abuts the Pacific Street building and they can build foundations near each other that serve two buildings.

Either way, the developer must ultimately either win the lawsuit with McDonald's or reach a settlement, because buildings taking advantage of the 421-a tax break must be finished by 6/15/26.