Skip to main content

Featured Post

Atlantic Yards/Pacific Park infographics: what's built/what's coming/what's missing, who's responsible, + project FAQ/timeline (pinned post)

2 comments

Though spokesman for developer says Quality of Life Meetings boost accountability, notes show limited transparency re affordability, timing, funding, and staff

As I wrote 6/16/22, the main news from the notes (also at bottom) from the bi-monthly 5/10/22 Atlantic Yards/Pacific Park Quality of Life meeting was that the platform over the Vanderbilt Yard will be built via a "joint venture with Plaza Construction and China Construction," sibling companies with a state-owned parent in Beijing. 

But there are some smaller things worth flagging, especially since a spokesman for the project's developer just offered to City Limits an astounding quote about Atlantic Yards accountability, part of an article on Community Benefits Agreements (CBAs) that noted that the CBA for this project was pretty much dead.

I'd note that this is not the first time the meeting notes were less than candid.

Timing of first phase of platform

As the main text of the most recent notes states, "The work on the platform is expected to take approximately 3 years." 

That has been the common estimate, but Scott Solish of Greenland USA, which owns nearly all of Greenland Forest City Partners, since then told directors of the Atlantic Yards Community Development Corporation--as I reported--"We project that [the construction fence] will be there for approximately 36 to 40 months."

That indicates it could take longer than three years.

Limited transparency

Some examples from the Q&A, followed by my brief comments, show the limited transparency and strategic ambiguity (or is it strategic under-informedness?) at the meeting:
How much money did the Barclays Center & Nets contribute towards the renovation of the community center?
The amount will not be disclosed, but a press release is available with details about the partnership.
That of course leaves out a lot.
Will B12-B13 and B5 have 30% middle income affordable housing as with B4 and B15? Has that middle-income option been ruled out?
There are no details on the affordable housing programming for B12-B13 and B5.
Of course they have details. They're just not disclosing them, beyond the fact that, as I reported, there will be 30% affordable units. The middle-income option best serves the developers' bottom line.
How will B5 and future buildings help the developers meet the Project’s May 2025 affordable housing deadline? Is the Developer aiming to have that deadline extended or modified?
Affordable housing programming for B5 will be shared when available. There are no updates or changes to the Project’s affordable housing obligations.
As we learned at the most recent AY CDC meeting, there's no plan to meet the May 2025 deadline.
How is the platform being funded? Is there a new outside or publicly-assisted funding source? Is the developer planning to lease any of the sites? 
No details are available at this time.
Well, as we learned since then, GFCP has sold two "100% affordable" buildings to Avanath Capital, likely raising most if not all of the cost of the platform.
If 421-a is defeated may this change the Project’s timeline?
It is unclear what the impact of changes to available affordable housing subsidy programs will be on the Project.
Well, Greenland USA's Solish had said, a day earlier, that the absence of the tax break could delay B6 and B7.
Who is assuming the role and responsibilities of former ESD executives Marion Phillips and Holly Leicht?
There is no information to share on the staff transitions. 
Well, maybe they're recruiting new staffers. But someone is doing the job.
 
Labels:

Comments

Post a Comment