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April 11, 2006

Forest City thinking big

Crain's NY Business

Forest City Ratner's modest reduction in the size of its proposed Brooklyn Atlantic Yards complex suggests that the developer feels no need to change the minds of project opponents. Assemblyman James Brennan, for example, had called for a 50% reduction, but Forest City trimmed about 5%.

The minimal change indicates that Forest City believes that its supporters--notably Roger Green, six other Brooklyn Assembly Democrats, advocacy group Acorn and construction unions--will wield enough influence to win approval from state officials for the mixed-use project featuring an arena, 6,860 housing units and commercial space.

The plan unveiled earlier this month reduces the project to 8.7 million square feet, from 9.1 million square feet. Forest City made the reduction by cutting market-rate housing while retaining all of the affordable units, which kept Acorn solidly behind the plan.

As now proposed, the project is still larger than what was originally outlined in 2003.

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Posted by lumi at April 11, 2006 1:51 PM