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February 3, 2010

Another confirmation of bait-and-switch on the size of Atlantic Yards, and why it matters (analysis of jobs and revenues)

Atlantic Yards Report

In comparing the Atlantic Yards Final Environmental Impact Statement from November 2006, the Atlantic Yards Modified General Project Plan from September 2009, and the Atlantic Yards Development Agreement just released publicly last week, Norman Oder finds that the project's much-touted financial and jobs benefits are all based on a full eight-million-square foot build-out, while Forest City Ratner is only contractually required to build a project less than two-thirds that size.

What's wrong with the picture? Some much-touted benefits of the project, as calculated in new construction jobs, new permanent jobs, and new tax revenues, were all predicated on a full buildout. No alternative analysis was provided.


NoLandGrab: New York City officials also announced yesterday that the once-magnificent-and-now-decrepit Loew's Kings Theater, which had 3,200 seats, is going to be rehabbed and re-opened. Unmentioned was the likelihood that it will take some business away from the planned Barclays Center.

Posted by eric at February 3, 2010 12:26 PM