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November 6, 2008

Has Forest City laid off anyone working on AY? I'd bet yes

Atlantic Yards Report

Norman Oder plumbs the Cleveland Plain Dealer's report about layoffs at Forest City for clues as to where Atlantic Yards lies in the company's development queue.

A brief paragraph, I think, provides some clues about Atlantic Yards:
[Forest City Enterprises spokesman Jeff Linton] said the company remains committed to all projects already under way. "It's those far-future things that we've made the determinations that we need to slow down," he said.

You might say Atlantic Yards is "already under way," given that the developer and affiliates have already invested $250 million.

However, FCE categorizes Atlantic Yards in the "initial development stage," one step behind the "shadow pipeline."
...

But here's why I suspect Atlantic Yards is in the category of "those far-future things" cited by spokesman Linton. The developer can't have many people working on projects in the category that exists before the "initial development stage" category. So that latter category has to be a target for layoffs.

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Posted by eric at November 6, 2008 10:48 AM