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December 23, 2009
After master closing, Ratner crows, installs "branded signage"; DDDB says new lawsuit coming, likely against ESDC/BALDC
Atlantic Yards Report
After the master closing for Atlantic Yards was concluded today, the Empire State Development Corporation (ESDC) chose not to send out a press release, but--as seen in the press releases below--Forest City Ratner expressed satisfaction and Develop Don't Destroy Brooklyn asserted that the seeming final governmental step was by no means final, promising a lawsuit.
A lawsuit based on the status of the murky Brooklyn Arena Local Development Corporation (BALDC) presumably would go into untested legal ground. Until that and other outstanding lawsuits are resolved, it's possible that the developer won't move into certain phases of construction, but utility work and demolition is ongoing, a condemnation petition has been filed (but likely will be challenged), and executives have promised a groundbreaking by the end of January.
New signage
The first tangible step: Forest City and the Nets "have placed branded signage along fencing at the arena construction site," so get used to the Atlantic Yards site as a billboard.
Also stay tuned in a week or two for the actual documents from the closing; they just might explain the penalties and incentives behind the deal.
Some factchecking
Note that FCR's claim that AY "will create close to 17,000 union construction jobs, as well as 8,000 permanent jobs once the project is complete" is dubious.
Rather, the the ESDC's 2009 Modified General Project Plan states that construction "will generate 12,568 new direct job years" (e.g., about 1257 jobs a year for a decade) and that operations "at the Arena and mixed-use development will support an annual average of 4,538 new jobs in New York City (direct, indirect, and induced)."
[Update: The 9/17/09 ESDC board memo [PDF], distributed on the day the project was reapproved, states that construction would generate 16,427 new direct job years. So FCR's number is more in the ballpark, but not precise. However, there would be 3998 permanent jobs in New York City and 4277 jobs in New York State, inclusive of New York City. That doesn't total 8000.]
Posted by eric at December 23, 2009 2:31 PM