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September 17, 2008
How Will Wall Street's Chaos Affect Atlantic Yards?
Brownstoner
We don't know the answer to that, of course, but even before this latest Wall Street fiasco, the Atlantic Yards project was seeming particularly vulnerable. We heard last week that Forest City Ratner plans to break ground on Phase 1 (arena, a few towers) in December, though the NY Times pointed out that the project was marred by "the softening economy, the crisis in the debt markets, rising costs and a persistent group of opponents who have filed one lawsuit after another." But if folks were wondering if Phase II was ever going to happen — you know, that whole affordable housing part of it — now they wonder if we'll ever see the dawning of Phase I.
NoLandGrab: It's a testament to the impressive tentacles of Bruce Ratner that despite all the recent developments that have made it crystal clear that Atlantic Yards is a really, really, really bad idea, none of his abetters in City or State government have been willing to abandon their support for the project.
Posted by eric at September 17, 2008 11:26 AM