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March 8, 2009

Taps for Atlantic Yards?

Gideon’s Trumpet

This blog, which is largely concerned with eminent domain issues, wonders if the end is nigh for Atlantic Yards.

The Wall Street Journal of March 7-8, 2009 (Julia Vitullo-Martin, A Hole Grows in Brooklyn, at p. A9) reports that the grandiose $4.3 billion Atlantic Yards redevelopment project in Brooklyn, that was the subject of the U.S. Court of Appeals decision in Goldstein v. Pataki, shows new signs of coming apart. We blogged about that case on March 22, 2008 (Another Big Redevelopment Project Down in Flames?) — check it out.

Says the Journal: “The projected December 2008 ground-breaking for the [new Nets’] arena came and went without a shovel hitting the dirt. The chances that the Nets will be playing in Brooklyn for the 2009-10 season, as promised, are nil. Architect Frank Gehry has laid off his entire Brooklyn staff, and Mr Ratner’s company (Forest City Ratner) has renegotiated its loans. Financing to finish the project has dried up amid a global financial meltdown.”

And so it goes . . .

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Posted by steve at March 8, 2009 10:13 AM