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September 29, 2008

Atlantic Yards Faces Another Delay

City Room [NY Times Blog]
by Charles Bagli

The developer of the ambitious Atlantic Yards arena and residential complex in Brooklyn said Monday that the project could be delayed for another six months after a state appellate court failed to dismiss a court challenge brought by opponents of the $4 billion project.

Earlier this month, the developer Bruce C. Ratner vowed that he would break ground in December on the long delayed project, where he plans to build an office tower, 15 apartment buildings and a basketball arena for the Nets.

The developer has fended off a number of lawsuits brought by critics of the project over the past two years. He and state officials had expected that the state Appellate Court would also dismiss the latest suit, which sought to block the state from using eminent domain to seize private property for Mr. Ratner’s project.

Instead, the court denied a motion to dismiss the suit, opening the door for oral arguments in the case next spring.

article

NoLandGrab: Ratner and the Empire State Development Corporation rolled the dice, and they crapped out. If they hadn't gambled on a dismissal, they could have moved the case along much more quickly. Is it possible that deteriorating conditions in the lending market forced them into making a bad bet?

More coverage...

TheDeal.com, Barclays deals with Lehman staff, plans to hire 1,500 more

Off the beaten track, Barclays gave a shout-out to Brooklyn, saying it remains committed to a proposed basketball arena at the Atlantic Yards despite an unfavorable court ruling on the $950 million project.

Runnin' Scared [Village Voice blog] Setback for Atlantic Yards: Motion to Dismiss Denied

The Stop Shopping Monitor, Major setback for Atlantic Yards

Newark Star-Ledger, Nets' move to Brooklyn may face further delay

The Knickerblogger, Ratner Suffers Setback, the Conspiracy Theory Version

Posted by eric at September 29, 2008 5:48 PM