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November 19, 2009
Brooklyn Broadside: Expect Big Decisions Soon on Atlantic Yards, Gowanus Superfund
Brooklyn Daily Eagle
by Dennis Holt
Though he almost always comes down on the wrong side of an issue, we do have to admire the crotchety Dennis Holt's obdurateness.
Within a very few days, the expected final decision on the eminent domain matter regarding the Atlantic Yards project is expected. If, as anticipated, the decision confirms the right of Forest City Ratner to acquire some private property in order to build the Nets sports arena, this could open that long-closed door legally.
If that happens, despite some other minor lawsuits still pending, Forest City is expected to sell some tax-exempt bonds, receive financing from the private sector, and break ground for the new arena, all by the end of the year.
...If, however, a surprise happens and the decision is adverse to Forest City, then all bets are off, and no one really knows what will happen. In the longer sense, the area will be developed for something: it is simply too valuable a parcel to stay empty for long.
NoLandGrab: Holt's right about the land in the Atlantic Yards footprint being quite valuable, which begs two questions — why has the state agreed to sell the railyard to Ratner for far less than it's worth, and why are they lowballing the remaining property owners?
Posted by eric at November 19, 2009 5:54 PM