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February 10, 2012

Barclays Center completion date pushed back a week, but arena "is slightly ahead of schedule." How so? They changed the schedule to erase delays.

Atlantic Yards Report

Before you drop $1.65 million on your three-year commitment to "The Vault," you might want to make sure the arena's actually built.

Delays are taking their toll on Barclays Center construction, pointing to a hectic--and perhaps nerve-wracking--pace to the finish line.

Not only is the Carlton Avenue Bridge delayed, the substantial completion date for the arena has been nudged back one week for the second time in five weeks, to 9/5/12. That gives arena operators little more than three weeks to test building systems before the first event, a 9/28/12 concert with superstar Jay-Z.

Also, after a report in January indicated that the Barclays Center was behind schedule, a new report from the same construction monitor asserts that the arena is "slightly ahead of schedule," based on actual cash flow versus projected cash flow.

(The final completion date is 6/30/13, which indicates additional work will have to be done while the building is operating.)

Presto: the arena's ahead

That happy conclusion, however depends on changing the schedule, a slight-of-pen unacknowledged in the latest Site Observation Report by Merritt & Harris, the real estate consultant to the arena PILOT Bond Trustee.


Posted by eric at February 10, 2012 10:20 AM