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January 16, 2009
EDC: City Not a One-Trick Pony
GlobeSt.com
By Paul Bubny
NEW YORK CITY-"We are undeniably in difficult times," Tokumbo Shobowale, COO of the New York City Economic Development Corp., told an Associated Builders and Owners audience on Wednesday. However, he said that in many ways the city is better prepared to withstand the current downturn than it was following 9/11, thanks in large part to a diversifying economy. "We’re no longer a one-trick pony," Shobowale said.
NoLandGrab: Yeah we're, like, a three-trick pony, that is if you're counting boondoggles for sports team owners, or eminent-domain-abusing megaprojects.
The timelines of two major Brooklyn EDC initiatives--revitalizing Coney Island and the Atlantic Yards project--are less clearly defined at the moment. Shobowale said the goal with Coney Island is to turn it into a 12-month tourist destination, but at present there are only a few acres of the arcades and rides that made the area famous. Forward movement on Atlantic Yards hinges on developer Forest City Ratner Cos. lining up financing, he said, pointing out that the renewed commitment of Barclays to the project is an encouraging sign.
NLG: Ugh, Coney Island is now famous for even less than a few acres of arcades and rides, and we can't decide who is more to blame, developer Joseph Sitt or Mayor Bloomberg.
Meanwhile, "Forward movement on Atlantic Yards hinges on" more than financing: Forest City needs to renegotiate its existing debt burden, continue to feed operating losses from the NJ Nets, and deal with legal suits, a sour credit market, etc.
And since when is Atlantic Yards a "major Brooklyn EDC initiative?" The Mayor signed over New York City's role to the Empire State Development Corporation a long, long time ago.
Posted by lumi at January 16, 2009 4:55 AM