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March 5, 2010
The iffy requirements for Block 1129 affordable housing and even iffier gap regarding construction over the railyard
Atlantic Yards Report
The incredible shrinking benefits of Bruce Ratner's Atlantic Yards superboondoggle now come with amazing stretching timelines able to leap decades in a single bound:
At a press conference Tuesday, BrooklynSpeaks reminded us of requirements, first reported by AYR, that Forest City Ratner has to build only 300 units of affordable housing on the arena block within 12 years.
But the developer is supposed to build more, in the part of the project--Phase 2--beyond the arena block.
As it turns out, the Development Agreement, as excerpted below, requires 500 additional affordable housing units, to be built on Block 1129, the southeast block destined for interim surface parking.
How long do they have? 25 years.
Posted by lumi at March 5, 2010 6:04 AM