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Still No Progress on Atlantic Yards
BROOKLYN COMMUNITY DISTRICT 02 BROOKLYN COMMUNITY DISTRICT 06
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Over five years ago, Forest City Ratner announced its plan for Atlantic Yards, a 22-acre project that would cost $2.4 billion and be completed in about ten years. At the halfway point, the project is slated to cost $4 billion and has been halted amid lawsuits and an economic slump that has made it almost impossible to raise capital. Forest City must move the project along to meet a year-end deadline to take advantage of tax-free bonds that would reduce borrowing costs by at least $100 million. Currently, it is trying to renegotiate or extend a $152 million loan due next month and redue the cost of the arena. Forest City insists there are no plans to abandon Atlantic Yards, however they are weighing their options and if construction does not begin by the summer, it is unlikely the arena will be ready by the targeted completion date in 2011.