Understanding Atlantic Yards

5 August 2009 - 5:00am

Katherine Melia explains the relevant points on the Atlantic Yards controversy in Brooklyn for those not embroiled in the controversy over eminent domain, starchitecture, and more.

"In addition to the stadium, the master plan of the project, in an area known as Atlantic Yards, showed a mixture of commercial, retail, and housing units, as well as green space. The original price of the project, slated for a 2006 completion, was $2.5 billion and included 8 million square feet and 22 acres of development. By the time the Public Authorities Control Board finally approved it in December of 2006, the cost had doubled to $4 billion, partly due to rising costs associated with Gehry’s designs."

Source: Next American City, July 29, 2009
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There is lots of theory, and lots of wonderful mathematics, and even lots of dealmaking. But the financial engineers are not real engineers who take responsibility for the bridges that fall down. They have no notion of a safety factor.