In latest six-month project look-ahead, developer Greenland USA is stark: the platform won't start. Previously, it had promised (or hinted at) progress.

It's not surprising, but it is stark.

For the first time in three-and-a-half years, Greenland USA, the embattled master developer that for now has the rights to develop Atlantic Yards/Pacific Park, won't say it might start developing the platform--key to three and later six future towers--over the Metropolitan Transportation Authority's (MTA) Vanderbilt Yard.

"There are no construction activities scheduled for the reporting period," Greenland USA executive Jen Kuang wrote regarding the platform to Empire State Development (ESD), the state authority that oversees/shepherds the project, in a Dec. 4 letter (bottom) that constitutes the required six-month look-ahead for the project in the first half of 2024. 

Kuang wrote under the letterhead of under Pacific Park Development LLC. owned nearly completely by Greenland. Hence my lack of reference to Greenland Forest City Partners, as per previous practice.

Kuang has never spoken at a public meeting related to Atlantic Yards/Pacific Park, and apparently has taken over as point person after the departure of Scott Solish earlier this year. (It's a good bet he knew the project was on the rocks.)

No surprise, but much uncertainty

It's not surprising: we now know that Greenland faces foreclosure on the rights to develop six sites over the railyard, with an auction scheduled for Jan. 11.

Many unknowns remain as to whether and how obligations to build the platform, pay fines for missing affordable housing, and pay the MTA for railyard development rights would carry over.

Previous hints at progress

Kaung's letter, and the previous memos, referred to the start of platform construction at Block 1120, the railyard block between Sixth and Carlton avenues, which would support towers B5, B6, and B7. It would be less costly and complicated to build there because of significant terra firm jutting south from Atlantic Avenue.

Block 1121, between Carlton and Vanderbilt avenues, would support towers B8, B9, and B10, and be more complicated and costly.

Once, Greenland was more confident.

In the 5/6/20 memo covering the second half of 2020, the developer pronounced, unwisely in retrospect, that "Platform construction will commence." It didn't. Well, the pandemic raised costs for construction and materials, but as of May they should've known that.

Since then, the next five documents, as in the one dated 12/6/22, stated, "Platform construction may commence during the reporting period." (The workforce was predicted to average 50 to 100 workers.)

Mid-2023 optimism

Surprisingly, for the second half of 2023, Greenland claimed that platform construction was "likely to begin." The letter was dated June 1, 2023.

I suggested that should be filed under the category of "big, if true," but, given the torturous history of Atlantic Yards/Pacific Park, it should be taken with a grain of salt. Correct.

Though that language was more optimistic than "may commence," I noted the certain drags on future tower construction: the high cost of the platform, likely at last $200 million; high interest rates; and the state's failure to renew the 421-a tax break, as cited by Solish; and the financial struggles of Greenland USA's Shanghai-parent Greenland Holdings Corp.

Now we know there are even more hurdles.