March 5, 2008
It came from the Blogosphere...
The developer has invested $250 million in the $4 billion project, its largest single investment, but that's only 25% more than its developer fee, and less than the direct public investment of $305 million
Translation: The taxpayers of NYC are ponying up a lot more to get this thing done than the developer is.
NY Sun Blogs: Culture of Congestion, With Recession in the Wind, Local Mega-Projects Scale Back and Slow Down
It was only a couple of months ago that the prospects for growth in Downtown Brooklyn were so rosy. There were estimates of more than 14,000 new residential units to be built in the next few years, the tempestuous but on-going plans for Atlantic Yards, and a lively revamped Metrotech district were just a few of promising developments. Things have changed.
Recent postings in the blog "Atlantic [Yards] Reports" have noticed an apparent scaling back in the description of the Atlantic Yards development — the proposed future home of the Brooklyn Nets and an enormous Frank Geary-designed mixed-use complex.
Curbed.com, Ye Olde Agreement
The latest Atlantic Yards promotional brochure is out and it focuses on the "Community Benefits Agreement" signed by a number of groups. "...critics in Brooklyn point out that the signatories, most of which were formed for the purpose of 'negotiating' the CBA, apparently are funded or stand to benefit from deals with the developer." Three of the eight groups have changed names since signing. The fun part, though, is that the agreement is shown on aged parchment with calligraphy, Declaration of Independence-style.
The Gowanus Lounge, Bklink: Ratnergram
"Ratnergram!" Either we're totally loopy, or that is really funny.
Posted by lumi at March 5, 2008 4:58 AM