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November 2, 2011

Compressing the story, and getting it wrong: the Real Deal on Ratner's Atlantic Yards comeback (and was FCR spokesman accurate in saying first building will start this year?)

Atlantic Yards Report

From an 11/1/11 article in the Real Deal headlined Climbing back to the top: A look at some of real estate's most impressive comebacks:

Indeed, just when Atlantic Yards -- the 22-acre combination housing development/basketball stadium -- seemed dead, developer Bruce Ratner got the project back on track, partly by dropping starchitect Frank Gehry's pricey design for a more prosaic one from SHoP Architects. Ratner, who runs Forest City Ratner Enterprises, also eliminated much of the previously planned housing from the site, won some key lawsuits and even paid his chief antagonist, Daniel Goldstein, founder of Develop Don't Destroy Brooklyn, $3 million to relocate.

Much of the opposition was directed at plans to use eminent domain to remove homes and businesses that stood in the way of the project.

Critics might not be mollified by the changes at the project, which broke ground last year. To wit: The arena, promised as a model of urban integration, will be flanked by several parking lots, and might not look that much different from any suburban basketball arena. Still, it will have at least three apartment buildings, according to Forest City spokesman Joe DePlasco. He said construction on one of those building will begin this year. And, he said, the arena is on track to open in time for the 2012 NBA season.

Probably the most interesting statement here is DePlasco's claim that construction on one of the buildings will begin this year, especially since Empire State Development CEO Kenneth Adams said September 26 that groundbreaking will be in the first quarter of 2012.

Compressing the story, and getting it wrong

But it's also interesting to see how the story gets compressed.


Related content...

The Real Deal, Climbing back to the top: A look at some of real estate's most impressive comebacks

It was on, then it was off, and now the new Nets basketball arena is on again -- albeit in a severely truncated form. Brooklyn residents have been buzzing about the fact that, after years of protracted legal battles, the arena is now quickly taking form at the intersection of Atlantic and Flatbush avenues.

Posted by eric at November 2, 2011 10:46 AM