Atlantic Yards Development - Commercial, Residential, Retail, NBA Arena

[kliq6]

IBO: Ratner plan brings less than $1M a year to NY

By Jess Wisloski
The Brooklyn Papers

A long-awaited analysis by the city’s Independent Budget Office, released this week, finds that the Atlantic Yards arena project would bring $28.5 million in revenue to the city over 30 years.

The findings, released Tuesday, fell well short of estimates of the projected benefits made by both the city Economic Development Corporation (EDC) — $139.21 million over 30 years — and developer Forest City Ratner, whose hired sports economist, Andrew Zimbalist, projected a net revenue of $136 million.

Jim Stuckey, the executive vice president of Forest City Ratner, said in a prepared statement this week that the greater benefit would be the additional 6,000 units of housing, along with commercial and retail space that would be created under the Atlantic Yards plan. He cited Zimbalist’s analysis for the Atlantic Yards to generate $1.6 billion in gross revenue over 30 years.

“We are, of course, very pleased that the Independent Budget Office has concluded that the Atlantic Yards project is a win-win for the city and state from a financial perspective,” said Stuckey, who was credited this week for the first time as the project manager for Atlantic Yards.

Critics of Ratner’s $3.5 billion plan, which includes a $533 million professional basketball arena and 17 residential and office towers to be developed along Atlantic Avenue in Prospect Heights, said the 14-page report fell short of what they’d hoped for.

“Ratner’s projected profits for the city and state are exponentially greater than any independent study has shown,” said Daniel Goldstein, spokesman for the anti-Atlantic Yards neighborhood group Develop-Don’t Destroy Brooklyn, and a condo owner living in the footprint of Ratner’s proposed development site.

“Less than $1 million a year is an unacceptably small return on a huge public investment,” he said.

[NoyokA]

New York Daily News:

74 homes in Ratner's path

Tuesday, September 20th, 2005

Up to 74 households could be uprooted to make way for Bruce Ratner's Atlantic Yards project, a new document filed by the developer shows.

The document, which outlines the mixed-use development and Nets basketball arena in advance of an environmental review, says 82 housing units are still occupied within the 21 acres needed.

Of the 82 units, eight are condos or co-ops whose owners have agreed to sell them to Forest City Ratner Cos., and another 32 are rental properties that the developer controls.

"Depending on [our] plan for displacement or relocation ... the number of households directly displaced by the proposed project would be between 42 and 74," the Ratner document adds.

In a public notice issued last Friday, the Empire State Development Corp. said it anticipates that condemnation proceedings will be used to acquire some properties. The notice followed the MTA board's vote to sell Ratner the air rights to the Atlantic Ave. railyards for $100 million, clearing the way for the project. Ratner's executive vice president said the MTA's 8.3 acres increased Ratner's control or ownership to more than 80% of the area it needs.

The new document also elaborates on Ratner's plans for the block at Flatbush and Atlantic Aves. occupied by Modell's and P.C. Richard & Son, even though it's not technically part of the Atlantic Yards project.

[NoyokA]

The new document also elaborates on Ratner's plans for the block at Flatbush and Atlantic Aves. occupied by Modell's and P.C. Richard & Son, even though it's not technically part of the Atlantic Yards project.

I didn't know that Ratner's Atlantic Yards project would also include these properties, which he also owns. I would gladly welcome a Frank Gehry replacement for these horrid suburban style retails.

[sfenn1117]

Absolutely it is such a waste of prime land.

[NoyokA]

Absolutely it is such a waste of prime land.

It would be a nice gesture to the community if Ratner turned this property into a park and transferred the air rights to Atlantic Yards.

[JCMAN320]

Of course talk about the Modells and P.C. Richards and how "bad" it looks, yet no ones talks about the people that are getting kicked out. Pathetic. I don't get it, I would love it to be one of your houses and see how you freggin feel. How you would like to relocate from everything you know?

[ablarc]

I would love it to be one of your houses and see how you freggin feel.

While your heart bleeds for them selectively, some of those Brooklyn folks can be caught scooting surreptitiously to the bank, full of filthy lucre and concealed delight.

[lofter1]

While your heart bleeds for them selectively, some of those Brooklyn folks can be caught scooting surreptitiously to the bank, full of filthy lucre and concealed delight.

OK, I assume those are the folk who agreed to be bought out?

What about those individuals / households / families who do not want to sell and / or move?

Hard as it may be for people to imagine, some people truly like the home they have bought and paid for (or simply like the home where they are entitled to remain as tenants under the laws of the State of New York).

My understanding is that none of these units are in the central portions of Ratner's planned development. If these buildings are on the edges then why must they be included?

If anyone has info on the properties in question with visuals showing the location in relation to the Ratner plan it would be greatly appreciated if that info could be posted here.

[lofter1]

I went through some old pages, and saw a rendering, but I dont know if it is the right one. Does anyone have a picture or link to a rendering?

Here's the link to the pdf of Ratner's 21 page presentation to the NY City Council (May 26, 2005):
http://www.theslatinreport.com/conte...esentation.pdf

On page 3 of that report is a map showing the properties controlled by Ratner and the properties not controlled by Ratner (mentioned in previous posts as: "Depending on [our] plan for displacement or relocation ... the number of households directly displaced by the proposed project would be between 42 and 74," ...).

[Dynamicdezzy]

Even though (for the most part) it seems more likely to impact the neighborhood negatively....all any of us can do is wait to see what happens...We can debate, argue, scream, complain or praise but none of it will do any good to convince those who think other wise. I just really hope this project helps local brooklynites with temporary and permanent jobs. and even though people were hurt (not physically) in the process, as long as there are more people benefiting from it in the end it will be a success. If not then I just hope there will be some way to rectify it.

[NoyokA]

Here's the link to the pdf of Ratner's 21 page presentation to the NY City Council (May 26, 2005):
http://www.theslatinreport.com/conte...esentation.pdf

On page 3 of that report is a map showing the properties controlled by Ratner and the properties not controlled by Ratner (mentioned in previous posts as: "Depending on [our] plan for displacement or relocation ... the number of households directly displaced by the proposed project would be between 42 and 74," ...).

Thanks for the link. According to it there will either be an office building or a mixed use development replacing Atlantic Center.

[ablarc]

Thanks for the link. According to it there will either be an office building or a mixed use development replacing Atlantic Center.

That would be nice, but I couldn't find mention of it. Where is it mentioned?

[ablarc]

If these buildings are on the edges then why must they be included?

lofter, I think you have a point. If you look at pages 2, 5 and 6 of the linked PDF, you could conclude that the raggedy footprint resulting from omission of properties (in white) not presently owned by Ratner would actually improve the project urbanistically by forcing the architect to break down the footprints (and therefore scale) of his buildings. As presently planned, the project has the potential to be quite dull at ground level despite the certain elevational pyrotechnics.

A little unforeseen complexity and messy contradiction wouldn't hurt here. After all, isn't that what cities are often all about?

[lofter1]

A little unforeseen complexity and messy contradiction wouldn't hurt here. After all, isn't that what cities are often all about?

Absolutely!

We are in full agreement here.

[NoyokA]

That would be nice, but I couldn't find mention of it. Where is it mentioned?

Its on the pdf color maps. It's the property off the site on Faltbush.