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September 14, 2011

Latest consultant's report: arena still ahead of schedule (but lead is narrowing), while transit connection is on schedule (but no longer ahead)

Atlantic Yards Report

According to the latest Arena Site Observation Report, dated 9/9/11 (and based on a 7/28/11 visit and documents made available 8/29/11), the Barclays Center remains one month ahead of schedule, while the associated transit connection to the Atlantic Avenue subway hub--after being ahead of schedule--is simply on schedule.

The estimate, based on cash flow, comes in a report prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee. Last month's report, however, stated that the transit connection was two months ahead of schedule.

(The transit connection is supposed to be completed by 3/26/12, while the arena is due 8/27/12.)

Some opacity

Also, there seems to be a lingering dispute about the schedule for which the resolution just keeps being put off, with no clarity from the consultant.

NetsDaily stated that the arena is ahead of schedule "despite" the hurricane and earthquake in August. The Site Observation Report makes no mention of the impact of either.

The hurricane hit 8/28/11, by which time nearly all of the month's spending, in documents made available 8/29/11, had been completed. In other words, next months' report should be more illuminating, though, given the relative opacity of these reports, I wouldn't bet that the impact of the hurricane will be noted.


Posted by eric at September 14, 2011 12:53 PM