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January 4, 2010
A look back at Atlantic Yards in 2009: tumultuous change, success for arena backers, and lingering questions of accountability
Atlantic Yards Report
Norman Oder takes a look back at Atlantic Yards, c. 2009, as only Norman Oder can.
A year ago, in a look ahead to AY in 2009, I wrote that the fate of the arena, at least, should be more clear.
Now the master closing has been completed, a close-to-final victory for Forest City Ratner and its government partners. But the arena's not a lock, given lingering and potential challenges (more on that tomorrow) led by Develop Don't Destroy Brooklyn, and the timetable and contour of the rest if the project remain uncertain.
Still, what was stalled in 2008 saw major progress in 2009, thanks to governmental concessions. The Metropolitan Transportation Authority (MTA) revised the Vanderbilt Yard deal. The Empire State Development Corporation (ESDC) revised the Modified General Project Plan. The ESDC won the eminent domain case and others, and the arena bonds were issued and sold.
The replacement railyard got smaller. So did the revised arena, with a new architect, and then a new pair of architects.
Forest City Enterprises stock leaped from its low. And Bruce Ratner found Russia's richest man to take the Nets off his hands. The team--depleted by trades and injuries--lurched its way toward record losses, a high draft choice, much cap space (plus a deep-pocketed prospective owner), and, perhaps, a much brighter future.
Posted by eric at January 4, 2010 10:26 AM