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December 14, 2006
City in Talks on Future of Big Site For Building in Downtown Brooklyn
NY Sun
By David Lombino
An article about a $500 million mixed-use project being planned for Downtown Brooklyn (the real Downtown Brooklyn, not "Prospect Heights") references changes in the real estate market and Atlantic Yards:
About two years ago, the Bloomberg administration passed an ambitious rezoning plan for downtown Brooklyn, currently the third largest commercial district in the city, that envisioned as much as 5.4 million square feet of new commercial space and about 1,000 new units of housing, mostly along Livingston Street. While the market for new commercial buildings is red hot in Midtown Manhattan, no private developer has ventured into downtown Brooklyn since the rezoning to build a large office building.
Nearby, at the planned $4 billion Atlantic Yards project in Prospect Heights, developer Forest City Ratner drastically cut back on plans to build office space, and increased the number of planned apartments.
Posted by lumi at December 14, 2006 8:03 AM