Plans to Break Ground on Yards, But What About Phase II?
Two days ago, Develop Don’t Destroy Brooklyn was wondering, “Is Forest City Ratner planning on constructing the so-called Phase 2 part of their Atlantic Yards plan?” Today, their question seems even more prescient, as the NY Times reports that Bruce Ratner plans to break ground on Atlantic Yards in December, though “it is unclear whether…
Two days ago, Develop Don’t Destroy Brooklyn was wondering, “Is Forest City Ratner planning on constructing the so-called Phase 2 part of their Atlantic Yards plan?” Today, their question seems even more prescient, as the NY Times reports that Bruce Ratner plans to break ground on Atlantic Yards in December, though “it is unclear whether Mr. Ratner will be able to meet his own deadline to start one of the most ambitious projects in Brooklyn in decades, given the softening economy, the crisis in the debt markets, rising costs and a persistent group of opponents who have filed one lawsuit after another.” Ratner and partners met last week to discuss financing of the Nets arena, but that cash is dependent on the Treasury Department’s thumbs up, which allows them the use of tax-exempt bonds; they’re awaiting the TD’s decision.”Either way,” they report, “bankers and real estate executives say it will be difficult to sell bonds for an arena at a time when New York’s real estate boom has quieted and investors and lenders are wary of backing large-scale projects.”
Even before this dismal assessment, DDDB noted that the earliest renderings included the entire project: Phase 1 (the arena plus several skyscrapers) and Phase 2 (the other skyscrapers plus what they call the “privately-owned publicly-accessible open space”). In May, the developer released the latest renderings, which did not include Phase 2. “Does Ratner plan on selling off the Phase 2 land that he would have gained through eminent domain on private property, city streets and a well below market deal on the rail yards?” We haven’t heard back from Forest City Ratner. What do you guys think?
Brooklyn Arena Builder Plans to Break Ground in December [NY Times]
Does Ratner Plan on Building Phase 2 of Atlantic Yards? [DDDB]
Rendering image from DDDB Web site.
How many more days for Freddy’s Backroom???
On what is he going to break ground? The eminent domain case would have to have been decided beforehand, no? I thought Dan Goldstein’s apartment was on center court.
It *should* generate tons of tax revenue real estate, sales, income etc. Course with all of the favorable tax treatment given to RAT, the city will be left holding the bag.
Econ 301 – Don’t get left holding the bag. That’s for clients, tax payers, banks,,,,whoever the other guys is.
If this thing will in some way generate money for the City in the long-run, then they may be able to justify the incentives given to build it. Besides increasing the number of parking tickets in the area, I’m not sure how else this will be a benefit. And when I say benefit, I don’t mean a QOL benefit, we all agree this will not enhance the area in that way.
Anyone else know of ways this could be a financial benefit to the City in the long run? If there really aren’t any such benefits, then I tend to agree, it will stall until the economy is much stronger. In fact, the time this starts getting built may be a good indicator that we have finally hit bottom in the real estate market in Brooklyn.
this is absolutely horrifically ugly. It looks like a 9th graders tech-ed homework assignment.
I really wish that there was another architect… That is way too much Gehry.
I’m looking forward to the arena coming to BK. Now sell-side analysts can come to Brooklyn to suck my kneecaps.
Yes “lets hope” that the economic conditions continue to worsen and we get to have a hole in the ground and fallow land at one of the largest intersections in our boro for another 3 decades.
In fact lets hope we enter a new depression so that metrotech ends up being empty and has to be imploded.
Actually lets pray for a new ‘dark ages’ so that Bruce Ratner never makes another dollar.
No no lets pray for the end of the world so that Bruce Ratner and his offspring, relatives and associates are wiped from the earth along with all record of their existence…..
I try to stay clear of criticizing people’s tastes, but this thing is horrifically ugly.