In a recent filing, Forest City Ratner reported that it will lose $250-$350 million of its initial investment in the Atlantic Yards project. Higher-than-expected costs to build affordable housing, among other things, are being blamed for the loss.
The massive Atlantic Yards project in Brooklyn was one of the most contentious land use deals assembled in New York in recent memory. A complex series of public incentives and developer agreements were necessary to achieve the project's final approval in 2009.
But Stephen J. Smith makes the provocative argument that the developer's recent disclosure of significant loses, which comes as a result of its efforts to sell a sizable stake in the project to Chinese developer Greenland Group, proves that the public's demands were excessive.
"The loss is poetic justice for a developer who many saw as using his political savvy to take advantage of New York, but it should give pause to affordable housing advocates and those who want to see new construction fund infrastructure projects," writes Smith.
"Turns out it’s possible to ask developers for too much. New York may have inadvertently pulled one over on Ratner to get hundreds of millions in extra benefits, but developers in the future won’t make the same mistake."
FULL STORY: How Atlantic Yards Set the Benchmark for Asking Too Much
Vacancies Come in All Forms, Even New Affordable Apartments in Brooklyn
A 298-unit, 18-story tower in Pacific Park Brooklyn opened its doors to new renters in various categories of affordability over five months ago. 27% remain empty in the higher income tiers, and unlike market-rate units, the asking rent won't drop.
Groundbreaking for Controversial 'Atlantic Yards' Development
The development formerly known as Atlantic Yards—now called Pacific Park—broke ground this week, finally setting in motion a massive development beset by fierce controversy in the 11 years since it was first proposed.
World's Tallest "Lego" Tower to Rise in Brooklyn
An agreement between Forest City Ratner and NYC's labor unions has cleared the way for the construction of Atlantic Yards's next phase. The 32-story prefabricated apartment building will be the tallest of its kind in the world, reports Matt Chaban.
Study: Maui’s Plan to Convert Vacation Rentals to Long-Term Housing Could Cause Nearly $1 Billion Economic Loss
The plan would reduce visitor accommodation by 25,% resulting in 1,900 jobs lost.
North Texas Transit Leaders Tout Benefits of TOD for Growing Region
At a summit focused on transit-oriented development, policymakers discussed how North Texas’ expanded light rail system can serve as a tool for economic growth.
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Santa Barbara Could Build Housing on County Land
County supervisors moved forward a proposal to build workforce housing on two county-owned parcels.
San Mateo Formally Opposes Freeway Project
The city council will send a letter to Caltrans urging the agency to reconsider a plan to expand the 101 through the city of San Mateo.
A Bronx Community Fights to Have its Voice Heard
After organizing and giving input for decades, the community around the Kingsbridge Armory might actually see it redeveloped — and they want to continue to have a say in how it goes.
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