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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.
December 16, 2014, 5am PST | James Brasuell | @CasualBrasuell
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"Mayor Bill de Blasio joined developers and representatives of the Chinese government Monday to break ground on a residential building at the development site formerly known as Atlantic Yards," reports Andrew J. Hawkins. The first building in the development, 553 Carlton, will include 298 markets priced at five income tiers: "half for tenants who earn up to 165% of the area median income for a family of four, which is $83,900 a year; 15% for tenants earning up to 145% of the AMI; 5% for those earning up to 100%; 25% for those earning up to 60%; and 5% for those earning up to 40%."

All told, "[more] than half the tenants in the new building will pay rent of about $3,500 a month."

"The building would be the first under the modified schedule reached earlier this year for Pacific Park (the development's new name) by the mayor and Greenland Forest City Partners, a joint development company between Forest City Ratner and Chinese government-owned Greenland. The deal called for the fast-tracked construction of 2,250 below-market-rate apartments by 2025, a decade sooner than under the previous deal. The developer would lose control of the site if the dwellings are not built by the deadline."

Mayor Bill de Blasio pronounced the affordability criteria for the development "100% affordable," and credits the development toward his goal of adding and preserving 2000,000 affordable residential units in the next 10 years.

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Published on Monday, December 15, 2014 in Crain's New York Business
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