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June 10, 2011

Latest consultant's report: arena still ahead of schedule, 360 people on the job in April

Atlantic Yards Report

According to the latest Arena Site Observation Report, dated 6/2/11 and based on a 4/28/11 visit (and documents made available 5/23/11), based on cash flow, the arena project is one month ahead of schedule and the transit connection two months ahead of schedule.

The report is prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.

While "substantial completion" is anticipated by 8/27/12, the Developer is still reviewing the schedule and is working with Hunt Construction to reach an agreement, according to the report. A resolution was expected by May 2011. (Note that a resolution on that schedule has been expected since December.)

On the job, 360 people?

While the previous report, dated 5/4/11 and based on a site visit 3/24/11, stated that "240 persons have been on the job this month," based on manpower logs, the new report put the number at 360 in April.

In May, according to Forest City Ratner officials reporting at the Atlantic Yards District Service Cabinet meeting, there were 500 workers on site.

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NoLandGrab: We still find cash flow a really odd way of measuring construction progress. What if they're just over budget? As for the jobs, we can say with confidence that the numbers promised by Forest City will never, ever materialize — with or without modular construction.

Posted by eric at June 10, 2011 10:01 AM