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October 7, 2010

Daily News reports construction jobs lag well behind estimates for 6 months ago; ESDC claims all jobs will come (AYR: not if project's 1/3 smaller)

Atlantic Yards Report

In an article today headlined Atlantic Yards not employing number of construction workers originally expected, the Daily News significantly advances the story by pointing out discrepancies between the current and predicted number of jobs.
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Unexplained in the Daily News article is one significant reason: the construction schedule apparently assumes the near-simultaneous construction of three residential towers.
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And here's the astonishing closer in today's article:

Ratner spokesman Joe DePlasco said the number of construction jobs will grow to 450 by late next spring.

However, by late spring 2010, one year before DePlasco's projections, there were supposed to be 742 jobs, and 1055 by the third quarter.

So it's way behind projections.

What'd we tell you?

The ESDC stands its ground regarding promised jobs, the Daily News reports:

The promise of 17,000 year-long construction jobs was a key selling point for the controversial arena and 16-tower project. Ratner and ESDC both insisted that goal can still be met.

"The number of job-years hasn't been altered; they will merely be created at a different pace in light of the changes in the construction schedule," said ESDC spokeswoman Elizabeth Mitchell.

Not necessarily. That's only if the project is built at the full 8 million square feet.

There are no requirements for Forest City Ratner to build a project of that size. It can build a project about one-third smaller without penalty.

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Posted by eric at October 7, 2010 10:49 AM