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May 6, 2008
New Designs for Brooklyn's Atlantic Yards Project Revealed Amid Controversy
Commercial Property News
by Barbra Murray
Forest City Ratner Cos., developer of the $4 billion mixed-use Atlantic Yards project in Brooklyn, just unveiled the most recent renderings of the development. The presentation of the new renderings by celebrated architect Frank Gehry were accompanied by Forest City's reiteration that it will build the project in its entirety with over 2,250 affordable housing units, despite claims from angry groups that the project is detrimental to the city and will not produce the benefits promised.
...Despite Forest City's promises, numerous groups are crying foul, and they made their stance known just prior to CEO Ratner's public confirmation of the company's plans and development timeline. Last Saturday, hundreds gathered at the Atlantic Yards site to protest the development and to call for the Governor to halt the project until issues are addressed, with community input. Among the protestors' issues is the fear that, given the credit crunch, increased construction costs and the downturn in the real estate market, Forest City will not retain certain key aspects of the project it has promised to deliver. In response to the rally, Bruce Bender, Forest City executive vice president for government and public affairs, issued a statement noting that continuing site work for the planned groundbreaking is essential to keeping the project's delivery on schedule and making available affordable housing residences as soon as possible. Additional concerns about Atlantic Yards abound. Additionally, the Municipal Art Society of New York recently revealed architectural renderings that demonstrate the negative impact the developer's planned temporary parking lots will have on the area. The organization claims that what Forest City deems temporary parking will likely exist for over 10 years and add to the blight the project is designed to replace.
NoLandGrab: The article concludes on this curious note: "Atlantic Yards, however, still has its backers; among them are Brooklyn Endeavor Experience Inc. and the Atlantic Yards CBA Executive Committee."
Indeed.
[UPDATE: Commercial Property News has emended this story, removing the sentence we highlighted above in response to a message from author and Atlantic Yards critic Steve Ettlinger, who pointed out the "backers" cited are supported financially by Forest City Ratner.]
Posted by eric at May 6, 2008 3:39 PM