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In a striking reversal, developer Bruce Ratner has halted work at a location that is integral to his controversial $4.2 billion plan to build a Nets basketball arena, office towers and thousands of apartments in Brooklyn. Ratner has previously insisted that work would continue despite lawsuits attempting to stop the project, even vowing to break ground on the stadium this month. Now a spokesman for his comany, Forest City Ratner, tells the Daily News that "preliminary construction" at the MTA-owned Vanderbilt Rail Yards is being put on hold.
The Daily News also points out that Ratner has yet to actually, you know, purchase the railyard from the MTA, which a spokesman also blames on ongoing litigation. In a statement, Develop Don't Destroy Brooklyn spokesman Daniel Goldstein notes that the $100 million purchase price is well below the yards' $214.5 million appraised value. He contends that the halted work has less to do with litigation and more to do with the project's "dire financial situation":
There is no other way to explain why the developer has halted work on the only part of his Atlantic Yards plan unencumbered by litigation. He is delaying his own project because of a serious lack of financing. Speculation and overdevelopment are a key cause of the current economic crisis. New York City and State can no longer support Ratner's non viable and highly speculative luxury housing plan and frivolous billion dollar arena.Forest City Ratner spokesman Joe DePlasco, of course, blames the lawsuit challenging the use of eminent domain to acquire private land at the site: "Over the last two years, we've prepared the site for the next steps. We've gone about as far as we can go at this point with preliminary work, including sewer, track, infrastructure and utility work, along with demolition."
But according to an update from the Empire State Development Corp., additional work—including debris removal and other construction—was scheduled for last week and didn't happen. One unidentified "laid off" employee tells the News that workers were told two weeks ago to finish up what work they could before a deadline last week.
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It aburptly halted? I'm sure it's just a hiccup in the plans.
brooklyn: 1
ratner: 0
market: -5000
It's the economy, stupid.
Eminent domain application here is absurd. This isn't in the public good. This is a commercial enterprise.
Of course it has to do with the economy. But, give the state of the economy, why build a "frivilous arena" and luxury housing? Particularly with no social services, etc. (like Police, Schools, Fire) for the density of people that they hope will inhabit the area.
I hope the scrap the plans altogether....
Go seized up credit markets Go!
Congratulations to all the Brookynites ( and councilmember Letitia James) who fought this boondoggle at taxpayer's expense.
Shame on Marty Barfowitz, Bertha Lewis and "Rev" Daughtry who would sell Brooklyn down the river for a few of Ratner's promises and a couple of bucks. Walter O'Malley would be proud of these scoundrels.
i'm sure the 'develop don't destory' crowd is chalking this up as a victory... ugh.
Developers and Pols are always a bad combo.
What this area really needs is a "white knight" type who has the capital and the willpower to step in and develop the site with a project that makes more sense for the area. I can't imagine there wouldn't be good political and public support for a housing development that centered around decent middle-income rental housing (increasingly difficult to find) rather than luxury condos with enough affordable housing mixed in to qualify for tax incentives like we see in just about every new development.
I guess what that'd take, then, would be a deep pocket who's rich enough, or altruistic enough, or both, that s/he would be willing to undertake such a project with an eye more towards building/cementing a legacy of improving the city than towards simply making as much money as possible. Of course, the only one of those I can think of is already busy with being, you know, mayor.
Get used to seeing the dirt. This ain't gonna happen, folks. The city should insist on seeing complete financing (including a margin for overruns) before allowing such large projects to begin.
I think everyone agrees something can/should be done with that land. But anyone who thinks an arena and luxury housing in that area (ESPECIALLY via eminent domain) is a good idea needs a kick in the head to give them some sense.
Meanwhile we're stuck with an ugly hole and some demolished buildings for the foreseeable future
yep, this is a victory for brooklyn alright, look at all that beautiful post apocalyptic construction siite for years and years and years with no jobs. great job.
it's a victory for Brooklyn as long as it's a loss for Ratner.
Of course it's a loss for Brooklyn too as long as the site is an "apocalyptic construction siite for years and years and years with no jobs" ... But it was going to be a loss for Brooklyn as soon as Ratner stepped in emiment domain was used not matter WHAT happened.
Brooklyn shows the boy from Ohio who rules Atlantic Avenue!
The hole in the ground for years to come will serve as a reminder to others foolish enough to mess with a determined community and thinking they have the pols in their back pocket.
Rapacious developers take heed! You have nothing to lose but your money.
Somebody educate me, what kind of housing was siezed in this project?
Send the Nets to Newark Bruce. Newark.
Jeez, and they just tore down some more small apartment buildings last week.
Well, with Ratner having bought off just about every politician who could have stopped it, we needed a force majeure and we got one.
I remember back in the Koch mayoralty (I think), there was a plan to raze Times Square, and construct giant office towers with huge tax breaks - for Prudential, as I recall. The deal collapsed, but not for lack of trying.
Then the private-sector came along, and managed to accomplish what was said could happen only with government help.
So.. the hole in the ground stays a hole in the ground for a few years longer. Good.