After months of speculation, the MTA announced that the Long Island Rail Road improvements proposed at the Atlantic Yards development will be less grand than planned. Instead of nine rails, there will be seven, and the MTA is also expecting less money from developer Bruce Ratner. The Post reports that the MTA "allowed Ratner to renegotiate because the national credit crunch was making it difficult to finance the 22-acre plan to build an NBA arena and 16 office and residential towers in Prospect Heights." To refresh your memory, back in 2005, Ratner won the MTA's land—called the Vanderbilt Rail Yard—after bidding $100 million, which was $50 million less than a rival bid (the land is appraised at over $200 million). It's unclear how much Ratner will end up paying the MTA (rumor is $50 million!); Atlantic Yards Report has details of the State Senate meeting where MTA interim CEO Helena Williams spoke. And Ratner, who hopes to break ground later this year, is downsizing other parts of his plan.
MTA Downgrades LIRR Plans At Atlantic Yards
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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