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December 7, 2011

Latest consultant's report: arena barely on schedule; transit connection still behind (but no graphic); release of revised project schedule indicating "delays" has been pushed back

Atlantic Yards Report

The latest Arena Site Observation Report, dated 12/2/11 and based on a 10/27/11 site visit, indicates that the Barclays Center remains barely on schedule at the halfway point. Meanwhile, the associated transit connection, for a good while two months ahead of schedule, remains behind schedule.

The report, based on cash flow, is prepared by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.

The slowdown likely portends more late night and weekend work to ensure that the arena can achieve substantial completion, as planned, by 8/23/12.

Oddly enough, the report does not contain a graphic--as have previous monthly reports--regarding the progress of the transit connection. That could lead to the conclusion that they don't want to emphasize bad news. (I posed several queries, by email and phone, to Merritt & Harris, but didn't get a response.)

And, as noted below, the release of a revised schedule, once expected to become available in October, has been pushed back.

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Posted by eric at December 7, 2011 11:53 AM