« Taxes Cut and Promises Unkept | Main | Slow Economy Likely to Stall Atlantic Yards »

March 21, 2008

Ratner admits major AY delays, rising arena cost; NY Times gives him and government some slack

Atlantic Yards Report

Whenever a big story on Atlantic Yards runs in The Times, Norman Oder is there to offer in-depth analysis; this time, he contrasts today's report with the "long history of lies and fibs regarding progress of the project" while outing several overinflated figures and predictions:

Are major delays in Atlantic Yards caused by the recent economic downturn and legal challenges, as a major story in the New York Times today suggests? Sure, those are factors, and it’s good to get developer Bruce Ratner on the record, but the article fails to explore how Ratner has consistently overpromised regarding the project's progress and the government failed to do due diligence, in December 2006 approving a project whose timeline was already out of date.

Also the cost of the arena is revealed to be $950 million, though the article doesn’t explain that the number nearly 50% higher than the cost as approved and more than double the figure announced nearly three years ago--when it was already the most expensive arena ever.

Given that $312.8 million increase in the arena alone, no one should be calling Atlantic Yards a $4 billion project anymore; rather, a more realistic number should be established.

That's just the start — those who are interested should hustle on over to AYR for today's other must-read.

Posted by lumi at March 21, 2008 5:45 AM