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February 15, 2011

Hold the shovels! Ratner backtracks on residential construction schedule

The Brooklyn Paper
by Andy Campbell

Developers of the Atlantic Yards project were caught red-faced last week when one of the development company’s officials said that construction of the project’s first residential building would begin this year — but then had to admit that no financing has been lined up.

Forest City Ratner Vice President MaryAnne Gilmartin told real-estate insiders on Wednesday that construction of the long-delayed, 400-unit residential tower at the western end of the mega-project’s footprint would get underway this year, but the next day, a spokesman for the company admitted that the developer doesn’t have money for the project.

“We hope to release designs in late spring or early summer and still hope to break ground this year,” the spokesman said. “[But] they need to secure financing.”

History — and the economy — is not on Forest City Ratner’s side, at least in the short term. Last year, company executive Jane Marshall also said that a groundbreaking on the half-below-market-rate rental building would take place in 2010.

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Posted by eric at February 15, 2011 12:05 PM