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September 19, 2008
Strategic Economic Development Would Mean Putting Atlantic Yards Out of Its Misery
Develop Don't Destroy Brooklyn responds to comments made by Marisa Lago, the new head of the Empire State Development Corporation:
It is refreshing to hear that the ESDC has someone at the helm who understands that "strategic economic development" is a necessity in this very shaky "down economy."
The Atlantic Yards plan, proposed in 2003 in an entirely different economy, is in no way strategic in the economy we are in now, and will be in for years to come. Whatever Atlantic Yards is today (and nobody seems to know what it is, not even NYC Comptroller Bill Thompson) it is not strategic.
Strategic economic development would include the principle at the foundation of the UNITY Plan—the community's plan for the Vanderbilt Rail Yards—which is to divide the 8-acre rail yards into multiple, smaller and more manageable parcels to attract multiple developers through a legitimate RFP to pay more to the MTA than Ratner is willing to. The multiplicity of developers would finally detach the sound and strategic development of the yards from the vice grip Ratner has had on it for nearly 5 years thus radically reducing the overall risk. No longer would the development of the yards be dependent on Ratner's fiscal health and his desperate need to move the Nets team for which he overpaid.
Strategic economic development would not include fantasies about the health of the housing market, pr jargon and empty promises about "affordable housing" and jobs; strategic economic development would most certainly not include a taxpayer-subsidized, billion dollar basketball arena plagued by financing troubles, escalating construction costs, eminent domain opposition and litigation.
Posted by lumi at September 19, 2008 4:39 AM