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May 21, 2009
ESDC Stands by Atlantic Yards
GlobeSt.com
by Cody Lyon
Debate surrounding Brooklyn’s long-delayed Atlantic Yards project continues as a group of residents and business owners--who last week saw their challenge to the Empire State Development Corp.’s use of eminent domain dismissed by a state Appeals Court--vow to press on to the higher New York State Court of Appeals. Meanwhile, ESDC--the state’s quasi-governmental agency that partnered with FCRC to develop the 22 acres near downtown Brooklyn--defends the rationale behind public "support" of the project, telling GlobeSt.com that Atlantic Yards "will result in the revitalization of an underutilized and blighted area."
Regardless, beyond a widely reported statement expressing Forest City Ratner Cos. CEO chair Bruce Ratner’s "thrilled" reaction to the court dismissal, when asked about the very timely issues of financing and star architects, an FCRC spokeswoman tells GlobeSt.com the company has "no other comment" at this time. However, in April, a spokeswoman did tell Globest.com that FCRC hopes to see the Barclay’s Center Coliseum portion of the project open by 2011.
According to the ESDC, the agency will "own the arena" where the Nets plan to play basketball in Brooklyn. "However, pursuant to various lease agreements, all operational obligations will be borne by an FCRC affiliate," says the ESDC spokeswoman.
...While FCRC did not respond to questions regarding its ability to finance Atlantic Yards, ESDC’s spokeswoman says the agency "believes financing is viable at this point in time ESDC regularly meets with FCRC and its various financial advisors to discuss financing issues. Obviously, FCRC is counting on accessing financial markets at the time of closing." Of the arena’s final design, size and scope, the ESDC spokeswoman says "clearly the design of the arena will impact costs and have an affect on financing requirements."
In response to GlobeSt.com’s question as to whether FCRC would use the original Frank Gehry design for the arena or perhaps another architect altogether, ESDC says GlobeSt.com that was a question best answered by FCRC. Told that FCRC had not provided an answer, the ESDC spokeswoman says "regardless of Gehry’s involvement, ESDC’s design guidelines must be met."
NoLandGrab: Need we revisit ex-Forest City Ratner spokesperson Loren Riegelhaupt's claim that "when it comes to sharing information with the public and governmental bodies, there’s no such thing as too much, as far as we are concerned?" Nah.
Posted by eric at May 21, 2009 9:28 AM