A Turning Point for Atlantic Yards
Atlantic Yards, Atlantic Yards, Atlantic Yards. It has been one of the biggest issues in Brooklyn for years, but now the controversial 22-acre development seems to be approaching its shit-or-get-off-the-pot moment. The final public hearing occurred at the end of July, held by the Empire State Development Corp., and the next major hurdle will be…
Atlantic Yards, Atlantic Yards, Atlantic Yards. It has been one of the biggest issues in Brooklyn for years, but now the controversial 22-acre development seems to be approaching its shit-or-get-off-the-pot moment. The final public hearing occurred at the end of July, held by the Empire State Development Corp., and the next major hurdle will be a hearing before the Court of Appeals on October 14, in which opponents will challenge the state’s use of eminent domain. Meanwhile, the New York Times chronicles the activities of principal developer Bruce Ratner during these crucial moments: preparing to sell bonds for the $800 million, 18,000-seat arena for the New Jersey Nets, meeting with potential investors (Russian oligarchs!), completing city and state paperwork, and steeling himself for multiple deadlines. The appeals decision is expected in November, after which Ratner, if victorious, will have until December 31 to begin building the arena in order to qualify for tax-exempt bond status and to keep a $400 million naming-rights deal with Barclays Bank.
Atlantic Yards Hearing ‘Less Raucous’ Than Expected [Brownstoner]
Atlantic Yards’ Developer Races to the Finish Line [NY Times]
Photo by Tracy Collins
Yes, chris, I too look forward to the unbearable traffic, and the strain on the local infrastructure. That’s JUST what BK needs!
I think a lot depends on where the market is at the end of the year. If the credit market is still in the dumps, I don’t think the bond goes anywhere. So I’m in the weird situation of rooting for the economy to continue sucking…
If this goes forward we won’t know the actual cost for decades. Or until the Nets get a better deal and more public money from another city.
there is a misunderstanding here, the IRS has said Ratner needs to float the bond in 2009 to get the tax exemption, not “start construction.” so it does not matter what “start construction” means.
Well, where would Ratner be without all the public money? Think how much good that money could have done if it hadn’t been handed over to him.
Yeah, I doubt ‘starting construction’ is all that difficult to achieve. As long as something is going on in a continuous fashion, there shouldn’t be any trouble… of course, if they start to fulfill the deadline, then stop, they could be sued for acting in bad faith. (Which I’m sure there will be plenty of contractual lawsuits like that in this project’s future.)
Prune juice.
***Bid half off peak comps***
does anyone know what the technical definition of “start construction” is?
if he wins the case, what would stop the rat-ster from sticking one shovel in the ground and then going back to the current non-activity for a couple of years till he can squeeze even more cash/subsidies from the taxpayers?
that would be right up his alley
Game scheduled to close out issue.
Irrespective of the projects merits [or–IMO– lack thereof] it doesn’t really look like it’s workable anymore. The time between the expected appeals decision (IF it goes Ratner’s way) and the 12/31 deadline is simply too short.I think we can say [ta da] UNDONE DEAL.