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April 21, 2010

The Times, unmindful of the Development Agreement, claims Ratner "eventually plans" 6,000 apartments and office space in 16 towers

Atlantic Yards Report

From the New York Times's coverage of Daniel Goldstein's settlement:

The developer has already started work on a $1 billion basketball arena for the Nets, the centerpiece of Atlantic Yards, and eventually plans to build 6,000 apartments, office space and possibly a hotel in 16 towers. At least 30 percent of the units are to be for moderate and middle income tenants.

(Emphasis added)

That's completely speculative and highly unlikely. That's the announced plan, as approved by the state. We have no idea what the developer plans.

But the Development Agreement allows a project to be far, far smaller, with no penalty. And Forest City Ratner now plans four buildings (including the arena) in Phase 1, rather than six.

That won't add up to 16 towers.

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Posted by eric at April 21, 2010 10:43 PM