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March 13, 2009
Cities in Crisis
America’s cities are fighting foreclosures, stalled development and budget shortfalls on a scale not seen in a generation. But innovation is taking root in the empty spaces left by economic retreat. A look at how tomorrow’s American cities will be leaner — and greener.
Next American City
By Ariella Cohen
Cities are struggling to find new solutions for budget gaps, neighborhoods hard hit by the foreclosure shock wave, and stalled real estate projects. In this climate is Atlantic Yards "too big to succeed?"
Last fall, that prediction began to come true. In November, architect Frank Gehry laid off the staff working on the arena and skyscrapers. Forest City, the parent company of the site’s corporate developer, has said that while it remains committed to the project, it faces credit problems and has been unable to secure commercial tenants for the project’s signature tower, known as “Ms. Brooklyn.” In a December conference call, Forest City CEO Charles Ratner told investors and analysts that the company would not begin any new projects until the market recovered, a dead halt after four years during which the company averaged $800 million in new project starts. “Today,” he said, “you can’t take a pencil and figure a return. When you can’t make money, you don’t do it.”
Footprint resident Daniel Goldstein sees opportunity in one neighborhood's struggle:
“There is an opportunity to go back and design a project with the community, a project that the community wants and would benefit from.”
Ron Shiffman, a professor at the Pratt Graduate Center for Planning and the Environment and a former commissioner at the New York City Planning Commission, agrees. “There are empty lots where luxury condos were planned,” he says. “Now we see that this idea that we would always have an unending supply of the wealthy is wrong, and we see that we need to diversify the way we are building our cities.”
Posted by lumi at March 13, 2009 5:26 AM