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August 4, 2008
It came from the Blogosphere...
The Real Estate [NY Observer], Landowners Bring Atlantic Yards Eminent Domain Battle to State Court
If anything else, the lawsuits thus far seem to have delayed the start of the more than $4 billion planned project, which calls for a new basketball arena for the Nets, and over 6,000 apartments. Now, more than a year and a half since the Atlantic Yards project received state approval, a host of clouds circle over developer Forest City Ratner, which once anticipated building the entire first phase (which includes the arena, an office tower and at least 1,000 units of housing) by 2010. The once-lush climate for financing has turned to an arid desert, tax-free housing bonds are in short supply given soaring demand, and the financing mechanism by which the company was to get tax-free bonds for the arena is under fire by the I.R.S., threatening to drive up costs by more than $100 million.
But if the landowners had an uphill climb challenging eminent domain in federal court, the ascent in New York state court is generally regarded as a particularly daunting one, given the relatively generous treatment to the state by New York's eminent domain law.
We're waiting on a statement from Forest City, but if history is any guide, the company will point out (correctly) that the courts have tossed all the lawsuits challenging the project to date.
The Campaign for Community-Based Planning, Checking in With Atlantic Yards: A Messy Footprint, a New Timetable, and a Lawsuit in State Supreme Court
It’s been a while since we’ve looked in on the Atlantic Yards project. Luckily, Norman Oder of the Atlantic Yards Report has been keeping vigilant watch over the goings-on at the site. Here’s a quick update...
Gowanus Lounge, Atlantic Yards Eminent Domain Case Filed in State Court
Brownstoner, Nets Coming Late to Atlantic Yards and Suit Coming Soon
Two new developments in the Atlantic Yards saga. Atlantic Yards Report reveals that the Nets have three more years at the Meadowlands' Izod Center, not two, meaning the 2010 opening date Bruce Ratner has been promoting may be nothing more than a pipe dream; we might be looking at 2012 for the team's debut. Besides the team's schedule, there's the issue of construction. Ratner tells some outlets that groundbreaking won't begin until January; to others, he says November.
As construction remains stalled at the site, a lawsuit goes forward. Nine property owners and tenants filed a petition against the Empire State Development Corporation in the Appellate Division Second Department of New York State Supreme Court.
Nets Daily, Has Ratner Pushed Barclays Center Opening to 2011?
brooklyn bob says:
And btw, a JULY OF 2011 barclays center opening is a BEST CASE SCENARIO that assumes no further legal delays, no financing/loan delays and no construction delays. Yeah, right. That’ll happen.
3 more 20-win seasons in the swamp, at least. With 4 more being a very real possibility. While at the same time, newark’s brand new state-of-the-art arena awaits an nba franchise with open arms.
What a bleeping disgrace!!! Way to go ratner. Way to go stern. You two sure know how to screw things up. No wonder the nba’s popularity is going to hell in a hand basket.
Only the Blog Knows Brooklyn, Atlantic Yards Eminent Domain Case Filed on Friday
Yonkers Tribune, Nine Property Owners and Tenants File Atlantic Yards Eminent Domain Challenge in New York State Court
RotoWorld, Nets may not move until 2011
Posted by eric at August 4, 2008 12:46 PM