Atlantic Yards/Pacific Park Report

For the umpteenth time, Forest City Ratner has pushed back the projected groundbreaking for the first Atlantic Yards residential tower, Building 2 (B2), at the corner of Flatbush Avenue and Dean Street flanking the Barclays Center arena. Now the groundbreaking could be spring, as most recently projected, or summer. Also, as acknowledged today at the Atlantic Yards District Service Cabinet meeting, Forest City will not meet its "goal"--purportedly guaranteed by the Community Benefits Agreement and long promoted by the developer--of ensuring that half of the subsidized "affordable housing" would be (in square footage) devoted to larger units of two and three bedrooms. "It doesn’t dilute our desire to meet the commitment in the future," insisted Forest City executive Jane Marshall at the meeting, held at Borough Hall. "I understand your desire," responded Council Member Letitia James, skeptically. "I desire to be thin, and young"--t...

A year ago, in a look ahead to AY in 2009, I wrote that the fate of the arena, at least, should be more clear. Now the master closing has been completed, a close-to-final victory for Forest City Ratner and its government partners. But the arena's not a lock, given lingering and potential challenges (more on that tomorrow) led by Develop Don't Destroy Brooklyn, and the timetable and contour of the rest if the project remain uncertain. Still, what was stalled in 2008 saw major progress in 2009, thanks to governmental concessions. The Metropolitan Transportation Authority (MTA) revised the Vanderbilt Yard deal. The Empire State Development Corporation (ESDC) revised the Modified General Project Plan. The ESDC won the eminent domain case and others, and the arena bonds were issued and sold. The replacement railyard got smaller. So did the revised arena, with a new architect, and then a new pair of architects. Forest City Enterprises stock leaped from its low. And Bruce Ratner foun...