November 21, 2011
Ratner Admits That Atlantic Yards, As Proposed and Approved, Was Never Financially Feasible
Develop Don't Destroy Brooklyn
Was Atlantic Yards ever feasible as proposed in 2003, as approved in 2006, re-approved in 2009 and as presented to state court in 2010? No. Who says so? Bruce Ratner admitted as much in comments made to the Wall Street Journal yesterday upon a release of new Atlantic Yards tower renderings shrouded more in uncertainty than the press reaction would lead one to believe.
Well, in 2003, 2006, 2009, 2010 and 2011 Forest City Ratner proposed, had approved and claimed that it would build half of its rental units as "affordable" with union labor. So what changed? Note that Ratner did not say that the changed economy is the reason his approved plan doesn't work or that the existing incentives today are different than what they were when the project was proposed and approved.
What changed? Just the candor that the project has proposed, hyped and approved was never feasible from the start. But government, Ratner and ESDC were warned that the project was not financially feasible.
Posted by eric at November 21, 2011 11:45 AM