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July 30, 2012
Flashback to September 2010: Forest City's Gilmartin said "we anticipate" funding for first tower by spring of 2011
Atlantic Yards Report
Less than two years ago, at a 9/29/10 public meeting on the arena plaza, Forest City Ratner Executive VP MaryAnne Gilmartin aimed to mitigate some of the bad publicity that stemmed from Bruce Ratner's comments at a press event a day earlier about how the project might take longer than ten years.
"We explained the possibility that the project might be delayed by economic conditions and be built over a longer period than ten years," she said. "That being said, Forest City's plans for the buildout are as follows. We are currently working on moving forward with the three residential buildings on the arena block. We anticipate having funding in place to start the first building at Dean and Flatbush in the spring of 2011, the second six to nine months later, and the third about the same time after that."
Note that the Development Agreement gives them a lot more time--ten years for the third tower to start--before penalties kick in. Construction on the first building has been delayed again and again, though now executives say it will start before the end of the year, though it's not clear yet whether it will be modular construction.
Posted by eric at July 30, 2012 12:12 PM