Forest City Enterprises and Greenland Holdings Group, a Chinese state-owned developer, have completed an agreement for a joint-venture to develop Atlantic Yards, the companies announced today.
The two parties had previously announced a preliminary deal in October under which Greenland would acquire a 70-percent stake in the Atlantic Yards project from Forest City. Expected to close in 2014, the joint venture includes phases one and two of the project, excluding the Barclays Center and the B2 modular housing tower.
Reporters, PR men and honchos from Forest City Ratner and modular manufacturer Skanska gathered today in the cold and considerable shadow of Barclay’s Center to witness the hoisting into place of the first of the modular units in Atlantic Yards’ B2 residential tower, which aims to become the world’s tallest modular building upon its completion, slated for late next year. Of the tower’s 363 units, 181 will qualify as affordable housing—a considerable figure in terms of both quantity and percentage, particularly in comparison to prevailing proportions of market rate/affordable units included in new city construction.
The building schedule called today for the placement of three adjacent “mods,” Skanska’s Elizabeth Miller told The Observer, which together will compose a single apartment. Appliances, fixtures and plumbing had already been installed; all that remained to make the habitat functional was to tie into the building’s central electrical and water lines, which have yet to arrive. No word was forthcoming on whether the apartment assembled today might be one of those destined for affordable rental rates.
Nassau Events Center LLC, an affiliate of Forest City Enterprises, has been awarded the rights to develop the site of the Nassau Veterans Memorial Coliseum, County Executive Edward Mangano announced today. The Forest City bid beat out a rival effort from the Madison Square Garden Company.
“I am pleased to announce that Nassau Events Center, LLC is the successful proposer to transform the 43-year old Nassau Veterans Memorial Coliseum and Plaza into an attractive, first class destination for family fun, sports and entertainment,” Mr. Mangano said in a prepared statement. “This is also the unanimous recommendation of the County’s RFP Committee.”
An Arena Grows in Brooklyn
In the last few months, the battle cries of the Atlantic Yards opponents have quieted—or been drowned out by the hubbub of basketball games and concerts at Barclays. There has been a subtle shift in tone and subject matter, with the conversation turning away from Atlantic Yards and the bitter debate that has characterized so much of the development’s history.
But despite the shift in focus, the eastern end of Downtown Brooklyn remains scarred by an open railyard—an 8.5-acre tear in the urban fabric that Forest City Ratner is supposed to someday heal.
The platform over Vanderbilt Yards, as it’s known, is the difference between a highly challenging “blighted” development site—arguably deserving of special subsidies, tax breaks and the seizure of private land through eminent domain—and a prime development site in a plum location.
Maybe there is hope for those opposed to Brooklyn’s Atlantic Yards project after all. Or at the very least, some vindication.
Yesterday, State Supreme Court Justice Marcy Friedman ruled that the Empire State Development Corporation erred in producing a modified timetable for the project last year, when it finally won state approval, and thus Read More
The latest quarterly filing from Forest City Enterprises–parent company of Atlantic Yards developer Forest City Ratner–is in, and there’s a few points worth noting:
-The company’s efforts to start construction on the Nets arena faces another previously unreported hurdle: Forest City stopped sending in required payments on a $162 million loan–the mortgage on Read More
The big Brooklyn project may be vanquished by the economic crisis (not to mention lawsuits). “I must confess, I’ve never seen anything quite like this,” Forest City Enterprises president Chuck Ratner tells Eliot Brown. Read More
Standard & Poor’s yesterday downgraded the credit rating of mega-developer Forest City Enterprises, the parent company of Forest City Ratner, the developer of the planned Atlantic Yards project in Brooklyn. The downgrade came as the credit markets have made the financing of new development near impossible, and Forest City, based in Cleveland and Read More
Forest City Ratner sent out a press release on Thursday saying that the former Ward Bread Bakery at Pacific and Vanderbilt streets in Prospect Heights was next in line for the Atlantic Yards treatment, with abatement and demolition scheduled to begin Monday.
But don’t cry too hard, because the building, the target of Read More
In some ways, the Yards, a $2 billion, 6-million-square foot development in southeastern Washington, D.C., sounds a lot like the all-too-familiar Atlantic Yards project in Brooklyn. Each is being undertaken by a branch of the same company, Forest City Enterprises, but in the District of Columbia, the Washington Post reports,
Its plans call Read More