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May 22, 2009
Support wanes for Atlantic Yards?
Crain's Insider
Political support for the Atlantic Yards project in Brooklyn was nearly unanimous when it was proposed in 2003 and for years afterward. That’s no longer the case—despite a string of court decisions favoring the developer, Forest City Ratner, and its partner in state government, the Empire State Development Corp.
In the past two years, local officials including Councilman David Yassky and Assemblyman Hakeem Jeffries have done little cheerleading for Atlantic Yards and have periodically been critical. Project booster Roger Green quit the Assembly in 2006, leaving Borough President Marty Markowitz as the only unflagging supporter among local officials. Not one of more than a dozen candidates in two City Council districts near the project openly supports it, according to opposition group Develop Don’t Destroy Brooklyn.
Initially, the Brooklyn political and nonprofit establishment lined up behind Atlantic Yards and Forest City, while opponents were marginalized and deemed NIMBYists. That made it easy for Mayor Bloomberg, Assembly Speaker Shelly Silver and Govs. Pataki and Spitzer to grant Forest City the funding and approvals it needed. Two exceptions were Councilwoman Tish James and state Sen. Velmanette Montgomery, who have opposed the $4 billion project from the outset.
The waning of political support for Atlantic Yards could cost Forest City if it decides to seek new approvals from ESDC and the Public Authorities Control Board for an arena-only general project plan. The developer has been unable to get financing for the project’s huge housing component—and affordable housing was the major reason it garnered support from elected officials and Acorn, an influential nonprofit group. The developer must break ground on the arena this year to qualify for tax-exempt financing.
Posted by eric at May 22, 2009 11:31 AM