Two days ago, Develop Don’t Destroy Brooklyn was wondering, “Is Forest City Ratner planning on constructing the so-called Phase 2 part of their Atlantic Yards plan?” Today, their question seems even more prescient, as the NY Times reports that Bruce Ratner plans to break ground on Atlantic Yards in December, though “it is unclear whether Mr. Ratner will be able to meet his own deadline to start one of the most ambitious projects in Brooklyn in decades, given the softening economy, the crisis in the debt markets, rising costs and a persistent group of opponents who have filed one lawsuit after another.” Ratner and partners met last week to discuss financing of the Nets arena, but that cash is dependent on the Treasury Department’s thumbs up, which allows them the use of tax-exempt bonds; they’re awaiting the TD’s decision.”Either way,” they report, “bankers and real estate executives say it will be difficult to sell bonds for an arena at a time when New York’s real estate boom has quieted and investors and lenders are wary of backing large-scale projects.”

Even before this dismal assessment, DDDB noted that the earliest renderings included the entire project: Phase 1 (the arena plus several skyscrapers) and Phase 2 (the other skyscrapers plus what they call the “privately-owned publicly-accessible open space”). In May, the developer released the latest renderings, which did not include Phase 2. “Does Ratner plan on selling off the Phase 2 land that he would have gained through eminent domain on private property, city streets and a well below market deal on the rail yards?” We haven’t heard back from Forest City Ratner. What do you guys think?
Brooklyn Arena Builder Plans to Break Ground in December [NY Times]
Does Ratner Plan on Building Phase 2 of Atlantic Yards? [DDDB]
Rendering image from DDDB Web site.