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January 16, 2008
Brooklyn's Atlantic Yards Project Ducks Lawsuit
Commercial Property News interviews Forest City Ratner VP Loren Riegelhaupt about Justice Madden's decision:
It's a coup for Forest City Ratner Cos., developer of the $4 billion Atlantic Yards mixed-use community, as the New York State Supreme Court has rejected a lawsuit filed by a group that had disputed the public approval process for the sprawling Brooklyn project.
"It was a long wait for the decision, but it was well worth it," Forest City president Loren Riegelhaupt told CPN today.
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Forest City is not done battling the opposition just yet. While two lawsuits by groups challenging the use of eminent domain were wrapped up last fall with dismissals by the Appellate Division of the State Supreme Court, another eminent domain case has yet to be resolved. The remaining lawsuit was dismissed last June and is presently being appealed. "We went before the appeals court in October; there could be a decision in the first quarter, but you never know," Riegelhaupt said. "This is the fourth round of lawsuits we have gone through, and they all have been dismissed."Disputes notwithstanding, Forest City has already moved forward with the development of Atlantic Yards, having kicked off demolition and pre-construction activity at the site almost one year ago. "Thus far we've taken down about 50 percent of the structures on the site," he noted. "Twenty-five are down, we're working on an additional eight now, and 28 remain standing."
Posted by lumi at January 16, 2008 5:59 AM