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July 22, 2011

Latest consultant's report: arena still ahead of schedule (but lingering schedule issues?), 320 workers on the job (fewer than FCR's report)

Atlantic Yards Report

According to the latest Arena Site Observation Report, dated 6/30/11 and based on a 6/1/11 visit, based on cash flow, the Barclays Center remains is one month ahead of schedule and the transit connection remains two months ahead of schedule.

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

There are a few items that should provoke further inquiry, such as a discrepancy between the number of workers reported and the number reported by Forest City Ratner, and a discrepancy regarding the percentages of minority- and women-owned contractors.

Those discrepancies might be explained by a report from the Independent Compliance Monitor (ICM) required by the Community Benefits Agreement, but no ICM has been hired.

Also, there may be a lingering dispute about the schedule.

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Posted by eric at July 22, 2011 10:16 AM