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.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
Divvy Introduces E-Bike Charging Docks
New, circular docks let e-bikes charge at stations, eliminating the need for frequent battery swaps.
How Freeway Projects Impact Climate Resilience
In addition to displacement and public health impacts, highway expansions can also make communities less resilient to flooding and other climate-related disasters.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
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