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August 24, 2011

Permit for first Atlantic Yards tower filed; signs suggest it won't be modular (so how will they save money?)

Atlantic Yards Report

While the permit application doesn't say so explicitly, one sign points to conventional construction: the building's primary structural system would be "Steel (Encased in Concrete)," while the tallest modular building extant, a 24-story, $34 million high-rise in Wolverhampton, England, is framed with structural steel.

That structure is considerably shorter than the 33-story, 322-foot, 368-unit tower planned by Forest City. Indeed, what drew headlines was Forest City's apparent interest in building the world's tallest modular residential building--a tactic that might save significant sums but also could pose risks.
...

More subsidies?

If Forest City can't save money via modular construction, how do the numbers "pencil out"? After all, in March 2011, talk show host Brian Lehrer asked Rafael Cestero, outgoing Commissioner of the Department of Housing, Preservation, and Development (HPD), about the report that HPD had declined Forest City Ratner's recent request for an additional $10 million in additional subsidies--beyond the $14 million for 150 units--for the first residential building.

"One is, we have a set of programs that we use across the city... that fall within certain subsidy parameters that make sense for taxpayers and make sense for the city," Cestero responded. "We felt that the additional subsidy that Forest City was requesting... didn't meet those parameters and, frankly, that we felt was not a good public investment to go beyond what we have already committed."

"We want to see housing built there. We're all deeply committed to seeing not just the arena built, but to see... the affordable housing built," he added, "but we think the parameters that we've laid out, the program that we've laid out, allows that project to go forward."

So has the developer figured out a solution? Or has the Bloomberg administration moderated its position?

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Posted by eric at August 24, 2011 10:03 AM