May 22, 2009

Crain's on AY

Support wanes for Atlantic Yards
Political support for the Atlantic Yards project in Brooklyn was nearly
unanimous when it was proposed in 2003 and for years afterward.

That’s no longer the case—despite a string of court decisions
favoring the developer, Forest City Ratner, and its partner in state
government, the Empire State Development Corp.
In the past two years, local officials including Councilman David
Yassky and Assemblyman Hakeem Jeffries have done little
cheerleading for Atlantic Yards and have periodically been critical.
Project booster Roger Green quit the Assembly in 2006, leaving
Borough President Marty Markowitz as the only unflagging
supporter among local officials. Not one of more than a dozen
candidates in two City Council districts near the project openly
supports it, according to opposition group Develop Don’t Destroy
Brooklyn.

Initially, the Brooklyn political and nonprofit establishment lined up
behind Atlantic Yards and Forest City, while opponents were
marginalized and deemed NIMBYists. That made it easy for Mayor
Bloomberg, Assembly Speaker Shelly Silver and Govs. Pataki and
Spitzer to grant Forest City the funding and approvals it needed.
Two exceptions were Councilwoman Tish James and state Sen.
Velmanette Montgomery, who have opposed the $4 billion project
from the outset.

The waning of political support for Atlantic Yards could cost Forest
City if it decides to seek new approvals from ESDC and the Public
Authorities Control Board for an arena-only general project plan.
The developer has been unable to get financing for the project’s
huge housing component—and affordable housing was the major
reason it garnered support from elected officials and Acorn, an
influential nonprofit group. The developer must break ground on the
arena this year to qualify for tax-exempt financing.

Posted by BH76 at 10:03 AM | Comments (0)
Categories: Real Estate

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