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March 30, 2008
Why mega-projects are falling apart
crain's
Theresa Agovino
Successful development projects in New York City rest on a three-legged stool of financing, political support and community approval. When even just one of those legs is broken, the project can weaken and, in some cases, fail.That reality has become painfully apparent in the past couple of weeks, as some of the biggest projects in the city—Atlantic Yards, Hudson Rail Yards, Moynihan Station and Pier 40—appear to be at risk.
The biggest threat to Atlantic Yards and Hudson Yards is the credit crisis.
Two weeks ago, Bruce Ratner, chief executive of Forest City Ratner, said that its $4 billion Brooklyn project faces delays because of the financing environment.
Posted by amy at March 30, 2008 12:14 PM