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December 24, 2008
Developer of Atlantic Yards project delays condo plan
NY Daily News
By Jotham Sederstrom
Forest City Ratner "officials" met with elected representatives on Monday to update them on the ailing Atlantic Yards project.
The new plan calls for creating approximately 900 rental units in three towers formerly planned for condominium and commercial space, said several officials who attended the meeting at the Empire State Development Corp. office in lower Manhattan.
A combination of affordable and luxury rental apartments would be offered under the new plan, the officials were told.
State Assemblyman Hakeem Jeffries asked Forest City to emphasize the affordable housing component in the new plan, but received no reply.
Others are thinking about a do-over:
"I don't believe the project approved by the state is going to be going forward anytime soon," said Yassky. "Forest City Ratner should return the taxpayer dollars, and start talking about what actually can be built."
NoLandGrab: In light of the developer's cash flow problems, it would be naive to believe that the development company will ever return funds to the taxpayer, though Yassky's sentiment about getting real about what can be built makes a lot of sense.
Prediction: Forest City will look for federal bailout money to keep the project alive and will concurrently undermine the affordable housing pact while claiming that they are not.
Posted by lumi at December 24, 2008 6:01 AM