When Forest City Ratner released new designs by SHoP Architects of the Barclays Center yesterday, it was seen as an effort to right a listing ship. But no sooner had those copper-hewed renderings hit the presses than the city’s Independent Budget Office released a report [PDF] today noting that the arena will cost the city $40 million in revenues over the next 30 years as a result of financial incentives granted to the developer. Furthermore, the city lost a potential $181 million in lost opportunities through tax breaks and incentives provided to the developer, which cost the state $16 million and the MTA $25 million, though the report also notes both will release a net gain of $25 million and $6 million, respectively, if the deal goes through.
Having lost its political fight to preserve most of Admiral’s Row in the Brooklyn Navy Yard, the Municipal Art Society has hit upon a novel idea and is now focusing its energy on the developers who are vying to redevelop the old naval officers’ houses into a grocery store. The RFP was recently released for the project, and through that process, MAS is hoping to persuade prospective builders where the Army National Guard and the city were not. “We hope that our experience and information will be helpful to responders looking to create an exciting new development at Admiral’s Row that combines both new construction and the preservation of the incredibly-significant historic buildings,” Melissa Baldock, a preservation fellow at the MAS, recently wrote on the group’s blog. The effort seems like fighting a nuclear submarine with cannon balls, but who knows. In these cash-strapped times, a developer might look favorably upon some pro-bono design work and the imprimatur of one of the city’s leading civic groups.
As we wrote in our story last week, Frank Gehry might not be involved with any buildings on the Atlantic Yards site and not just the arena. As a Forest City Ratner spokesperson told me, “Frank might design one of the buildings later, I don’t think it’s impossible. But right now, he is just the master planner.” Well, as of yesterday, WNYC reported that the it will be impossible after all: Read More
There have been countless symbols for the end of the real estate boom, both literal–the collapse of Countrywide, the Fannie & Freddie takeover, the unfinished tract homes and decaying “For Sale” signs–and figurative–the Eastside crane accidents, the TVCC Fire. But we think this back-to-nature scene spotted over the weekend in Williamsburg takes the, uh, mortgage. Read More
The Atlantic Yards has been through a number of iterations, including one by the Post entitled Atlantic Lots, which was developed with the MAS. But today’s rendering by the paper is perhaps its slyest yet, taking a proclamation by “biggest cheeleader” Borough President Marty Markowitz, who called for the project to be clad in brownstone as a cost-saving measure. Read More
First Laurie Olin, now Frank Gehry. That was the news earlier this week when the Wall Street Journal reported that the Santa Monica-based architect had laid off “more than two dozen” staffers involved with Bruce Ratner’s Atlantic Yards project. What followed was a string of cheers predicting the troubled Brooklyn mega-development’s demise. After all, how could it go on without its signature architect?
While considering this question, I kept thinking of a comment made by Kermit Baker yesterday, during an interview about the abysmal November billings index. Given what’s going on elsewhere in the industry, the termination of a handful of architects may not signal the doomsday scenario the project’s critics would like, and instead may be one more credit-related payroll pause like many others around the nation: Read More
It’s been a busy day out at Coney Island. Not only did local City Council rep Dominic Recchia tell the Post that the city is trying to buy up developer Joe Sitt’s stake in the area, but now comes the Municipal Art Society’s zany plans for the famed amusement park.
The MAS spent a busy week talking to the community and then working to conceive fanciful designs with a world-renowned team of planners, designers, and amusement experts, the fruits of which were unveiled at a press conference today at Borough Hall. AN had a correspondent on the scene, but these renderings are just too nice to keep to ourselves. With the blustery weather outside, maybe they can give hope for a warmer future. More amusements after the jump. Read More