April 3, 2008
Atlantic Yards Developer Rushes to Reassure Investors
During a conference call with investors yesterday, Forest City Enterprises CEO Charles Ratner acknowledged that a window of opportunity had all but closed for the ambitious, 22-acre housing, retail and stadium project proposed for Brooklyn. But he also insisted that the delay – brought on by recession and dogged opposition from community groups – was just temporary:
The economy sometimes alters the timeline, but we have demonstrated our ability to see these projects through to completion—the value they create is well worth the time and effort. … Real estate is a long-term business. It’s a marathon, not a sprint.Developer Bruce Ratner has recently admitted that the project would have to be scaled back or constructed in stages, with less space dedicated to low-income housing. His group is determined to start construction on the stadium, though part of the stadium’s footprint is still occupied by property owners who are fighting the eminent domain seizure of their land.
Thirty-five of the original 334 residents at the proposed site remain and, after an appeals court rejected a lawsuit brought by 11 property owners, the residents want to take their case to the Supreme Court. The plaintiffs argue their eviction would violate the Constitution because it would primarily benefit the developer, not the public.The Supreme Court is expected to decide in June whether to hear the case.
Photo taken on Carlton Avenue near Dean Street by threecee.
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What doens't support the public is the "blight" issue brought up last year. As long as nothing is actively being developed/constructed, the "blight" is not going away in the surrounding immediate footprint. He apparently has until Dec 2009 to eradciate said "blight" around the rail yards (in other words: develop something on the empty land other than a temp. parking lot) otherwise certain labor groups will no longer support the project.
worst. hand. ever.
We can get rid of the "blight" through organic growth, and not having this development - touted, it seemed, as the best thing to happen to Brooklyn since the damn bridge - shoved down Brooklynites' throats. The whole thing has been such a nightmare. There's no way the gov't can argue that the land is going to benefit the public now, without some concrete plan for the land (besides the stadium, which is another abortion all together).
The project is too "dense" for the neighborhoods around it. Plus, the plan itself had no plans for improving civic services in the area and/or schools. When you intend to add over, say, 50,000 people but don't use the land or schools, police, fire, medical, etc. and/or improve transit underneath, which is already over-taxed, then this is not serving the public good. the organic growth of Clinton Hill and Prospect Heights didn't need this project to assist for the public good.
So this massive project was approved by the city despite the fact that it lacked sound financial backing?
Another case of anticipating so much money flying around so many outstretched hands that everybody (save the community) goes away happy?
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What a SHOCK that low-income housing was the first thing Ratner wanted to cut.
What happened to that poor guy's fingers??
>What happened to that poor guy's fingers??
Maybe he made big promises to his investors that he couldn't keep.