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March 11, 2010

Affordable housing deal at Atlantic Yards

Crain's NY Business
by James Comtols

Thursday's long-awaited groundbreaking ceremony for the Barclays Arena at the edge of downtown Brooklyn came with some surprises.

At the ceremony at the site of the vast Atlantic Yards development, Mayor Michael Bloomberg announced that the city has secured a commitment from project developer Forest City Ratner to ensure that at least 50% of the units in the first residential tower to be built will be affordable to a mix of low-, moderate- and middle-income families.

The developer hopes to begin construction on the first residential tower in the spring of next year and the second six to nine months later. Forest City expects work to start on the third tower six to nine months after that.

article

NoLandGrab: What Forest City expects, and reality, are two very different things. Forest City expected the Nets to be wrapping up their fourth season in Brooklyn next month.

Related coverage...

Atlantic Yards Report, Crain's whiffs on affordable housing

Norman Oder writes that Crain's surprise is no surprise at all.

Crain's New York Business thinks this is news...

Um, any all-rental building would be 50% affordable--that's the financing plan.

This represents "progress" only compared to the not-so-affordable plan contemplated for the first building, with most units at a very high Area Median Income.

Posted by eric at March 11, 2010 11:01 PM