It’s not the economy, stupid. Except it is. Last week, Forest City Ratner blamed the eminent domain lawsuit for delays at Atlantic Yards, and yet now he says that the project will remain pretty much on hold until the economy rebounds. The $4.2 billion project will survive, they say, but it may take even longer than expected. “‘I think we can successfully delay until we are prepared to start [the project],’ Forest City President Charles Ratner told investors just hours before the price of the company’s stock fell 15%, to $7.02 a share,” writes the NY Daily News. Atlantic Yards isn’t the only Forest City project relegated to the slow lane; they’ve “put virtually all new development on hold until economic and financial market conditions improve meaningfully.” Opponents to Atlantic Yards reacted to the news with “a mixture of glee and fear.”
Atlantic Yards Will Go Up… When Economy Does [NY Daily News]
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