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November 3, 2011
Latest consultant's report is murky: transit connection delayed, but no explanation offered; not-yet-public document indicates "delays" and "extension of the construction term"; 415 workers on site
Atlantic Yards Report
Hints and statistical evidence that the Atlantic Yards arena and associate infrastructure have slowed somewhat are borne out--though not explicated and perhaps deliberately obscured--in the latest Arena Site Observation Report, dated 11/2/11 and based on a 9/28/11 site visit.
The report, based on cash flow, is prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.
It states that the Barclays Center remains barely on schedule, while the transit connection, for a good while two months ahead of schedule, is now behind schedule.
And some misleading information is provided regarding the latter delay.
Strong hints of delays, but how important?
The report also drops a significant hint that the project is delayed somewhat. For the first time, it mentions a "GMP2"--presumably a revision of the project's Guaranteed Maximum Price--that "includes all delays" and "extension of the construction term." That GMP2 was to be issued October 1, but has not been made public yet.
Posted by eric at November 3, 2011 12:26 PM