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January 29, 2009
Park replacement costs skyrocket
River Ave. Blues
Here is commentary on the announced delays in delivering parks for Bronx residents that are meant as a replacement for public parkland given away for the construction of the new Yankee Stadium. The proposed Atlantic Yards project gets mention as an example of poor planning.
According to a recent study by the city’s Independent Budget Office, the City of New York will have to pony up nearly $80 million more than originally expected to replace the 22 acres of parkland lost to the new Yankee Stadium. This project will now cost around $195 million. Who would have guessed?
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In the end, this is of course no different from countless other city projects. Along Second Ave., the long-awaited Second Ave. Subway has run into countless delays and budget problems, the Atlantic Yards and Hudson Yards projects are a mess, and even the Fulton St. Hub, part of the Lower Manhattan post-9/11 redevelopment plan is stuck in neutral.
NoLandGrab: Atlantic Yards is a State project (the City having abdicated its responsibility years ago), but the pattern here is similar: Backroom deals result in huge public subsidies with little public benefit.
Posted by steve at January 29, 2009 5:48 AM