Atlantic Yards Scope Trimmed; Funding Still Fuzzy
Forest City Ratner is now envisioning a somewhat diminished Atlantic Yards, according to an article on Atlantic Yards Report based on the transcript of a meeting FCR held with investors last fall. To begin with, an FCR exec said the development would span “21 acres in downtown Brooklyn with 6.5 million square feet of residential…
Forest City Ratner is now envisioning a somewhat diminished Atlantic Yards, according to an article on Atlantic Yards Report based on the transcript of a meeting FCR held with investors last fall. To begin with, an FCR exec said the development would span “21 acres in downtown Brooklyn with 6.5 million square feet of residential and commercial development rights”—quite a bit smaller than the project’s original scope, 8 million square feet over 22 acres. FCR has also reduced the planned size of the Miss Brooklyn tower. The skyscraper was originally supposed to take up more than 900,000 square feet, but it’s now slated to be smaller (exactly how much smaller is unclear, though it’s possible more than 300,000 square feet will be lopped off the building when all’s said and done). Miss Brooklyn will also have more office space, and FCR has nixed the condos it planned for the building. FCR also revealed that it now thinks it will take 4 1/2 to 5 years to build the railyard, not 3 1/2 years as stated in the project’s environmental review; that the number of planned arena suites has been reduced from 170 to 130; and that the residential project at 80 DeKalb is a test run for Atlantic Yards.
At the meeting, FCR Executive VP MaryAnne Gilmartin also said that the firm has signed funding agreements with the city and state which allow us to be reimbursed for investments made in infrastructure and land to date on the project. This news contradicts other reports that funding agreements haven’t yet been finalized, so it’s anyone’s guess what the real story is on that score. In a separate piece of AY financing news, a spokesman for HPD told the Brooklyn Eagle that FCR has not applied for affordable housing bonds, and that when it does its application won’t be given preference over other proposed developments. According to FCR’s financial projections, it expects to ask for $177 million in bonds for affordable housing in 2008 and $344 million in 2009. Those projections would take up a lot of HPD’s bond financing if the bond money the department released last year is any indicator: HPD’s total allowance of bonds in 2007 was $659 million.
Forest City’s Report to Investors [AY Report]
Ratner Will Be Treated Like Other Developers, Says City [Brooklyn Eagle]
Where’s the Dough for AY Affordable Housing? [Brownstoner]
“How you know Obama will be your next president? ”
I don’t you dim-witted moron – did you not see I used the word ASSUMED
But its not like Senator Dodd is going to be the next president – there are essentially 3 possibilities and absent a miracle only 2 have a good shot right now (Obama and McCain).
All indications are this is a Democratic year so it isnt crazy to think that Obama has a better then average chance to be our president.
And IF he is – he will have to pull out of Iraq relatively quickly or lose or credibility to his presidency (I am NOT saying this is the smart military/political/global decision – just that I don’t see that he would have a choice)
And BTW Padilla was ultimately tried in Federal Court with all the criminal due process (or not – but more then he’d get in virtually any other country) that all American citizens get.
Prospect Heights residents would prefer the hole that was, is and will be there then any development that had twenty 30-60 story buildings; we are just fine if nothing happens. We can only pray this monstrosity goes away and leaves us with a beautiful hole in the ground. You want the Nets – stick’em in your backyard, leave ours alone!
“maybe they could just put the project out to bid like they did with the west side yards.”
Yeah, that worked out really well, didn’t it?
maybe they could just put the project out to bid like they did with the west side yards.
remember, that’s the way these things are supposed to work when the government wants to sell land to a fat cat.
“speaking on the (real War) – how can Obama NOT pull out of Iraq; how can you get elected as the candidate of change – arouse mass public expectation bordering on fervor and then just come into office and say…”well not so fast”;”
How you know Obama will be your next president? The Vacuum will be huge if the US pull out of Iraq. Go read The Grand Chessboard: American Primacy and Its Geostrategic Imperatives: Zbigniew Brzezinski. This is the game plan of geopolitical operations.
“Seems to me that their would be significant danger of domestic unrest if Obama get elected (assuming) with such passion (assuming) and then continues the status quo (or gets out-maneuvered into the status -quo – ala Spitzer)”
What the fuck you think The Patriot Act is there for??!! Look at José Padilla. http://en.wikipedia.org/wiki/José_Padilla_(prisoner). He was the first American tried under this bullshit. The US took a American citizen strip him of due-process. There will be no civil unrest because Americans are too fucking stupid to have one!
The What
Someday this war is gonna end…..
“Actually there were several bids on the property. Ratner’s was I believe, the lowest.”
Yes, several others decided to bid after ratner announced the project. Like 12:07 said, it would otherwise remain a big hole, just like it has for my entire life (I’m 45). Anti AY-ers didn’t come up with a “plan” until Ratner announced his. You guys are full of a lot of hot air, but few specifics.
Actually there were several bids on the property. Ratner’s was I believe, the lowest. There’s no shortage of people looking to develop New York.
Should be mentioned that his political contributions and PR costs are significant, even if his bid for the yards wasn’t.
The What –
speaking on the (real War) – how can Obama NOT pull out of Iraq; how can you get elected as the candidate of change – arouse mass public expectation bordering on fervor and then just come into office and say…”well not so fast”;
Seems to me that their would be significant danger of domestic unrest if Obama get elected (assuming) with such passion (assuming) and then continues the status quo (or gets out-maneuvered into the status -quo – ala Spitzer)
Then again maybe domestic unrest is what you are really hoping for.
Yeah Johnny b/c the land wasnt available for development for the last 50years….
If Ratner doesnt build, NOTHING will be built on this site for another 20years MINIMUM.