Atlantic Yards Money Pit?
SHoP's new design for Forest City Ratner's Barclay Center arena in Brooklyn. (Courtesy SHoP Architects)
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.
Never Surrender Admirals Row
The timber shed, the one building—out of 10—to be saved at Admiral's Row under current plans. But not if the MAS has anything to say about it. (Courtesy Brownstoner)
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.
TMI Too Late
Earlier today, the Municipal Art Society posted an incredibly informative presentation that the group gave at the recent City Council hearings on the Bloomberg administration’s plans for rezoning Coney Island. The presentation, which can be found above, pretty succinctly explains what’s wrong with the city’s plan, why it won’t work, and alternatives–proposed, of course, by MAS–that could be undertaken. So why has this presentation surfaced so late in the process, when it will have little, if any impact on the rezoning? Read More
Inlet Assumed
The actual Bushwick Inlet on the day of the groundbreaking of Bushwick Inlet Park. (Courtesy Victoria Monjo)
Yesterday, in a quiet ceremony attended by Mayor Bloomberg, the city broke ground on the first phase of Bushwick Inlet Park. Situated between North 9th and 10th streets along the Williamsburg waterfront, this initial stage of construction will comprise a synthetic turf athletic playing field. Turns out I was also on the Williamsburg waterfront at the time, on a tour of that neighborhood with photographer and AN Editorial Intern Victoria Monjo, capturing images for our forthcoming developers issue (see last year’s here). One of the images we captured was of Bushwick Inlet itself, which sits three or four blocks to the north of where the festivities were taking place. Eventually, park construction will extend all the way to this placid cove, where, according to the Parks Department’s initial plan, there will be a beach, planted terraces, and a performance garden, whatever that is. See the view from Kent Avenue after the jump. Read More
Everybody Wants a Bailout
Money pits: World Trade Center and Atlantic Yards.
With the news today, reported by The Observer, that Larry Silverstein has begun legal proceedings against the Port Authority to end the gridlock at Ground Zero, as well as the developments two weeks prior at Atlantic Yards, it seems obvious to us what’s going on here. Having witnessed the financial titans across town receive hundreds of billions of dollars in bailout money, these developers now want theirs. Granted, so did Larry Flint and the porn industry, but the comparison bears consideration. Read More
Prospecting for Landmarks
Last week, Prospect Height’s became the city’s newest landmark district. At 850-odd buildings, it is the largest district to be created since the Upper West Side Historic District was created in 1990. Clearly, a lot of work went into the three-year effort championed by locals and the Municipal Art Society and driven largely by the nearby Atlantic Yards project and the undue development it spurred on one of Brooklyn’s last unprotected brownstone neighborhoods. To highlight just how hard it is, but also what a triumph, MAS put together this thoughtful little video. Hopefully it will inspire you to do something civic minded as well on this patriotic weekend or beyond.
See Bruce in Court!
We barely knew yee, Ellerbe arena. (Courtesy ESDC)
We recently wrote above how opponent’s best hope of stopping Bruce Ratner’s Atlantic Yards Project was not the departure of Frank Gehry but lawsuits. There was a good possibility the “sweetheart” deals the state had crafted to make Ratner’s project easier to move forward could have triggered further litigation, but it seems it may not even come to that, as the Court of Appeals, the state’s highest court, has decided to hear Develop Don’t Destroy Brooklyn’s challenge to the state’s use of eminent domain. With oral arguments not due until October, the outcome of the suit may not even matter, as it will likely further delay a scheduled fall groundbreaking on the new arena and could make it even harder for Ratner to secure tax-exempt financing before year’s end. Read More
Gehry Officially Gone
One of a handful of renderings of Ellerbe Becket's new plans for the arena that leaked to the Times. (Courtesy nytimes.com)
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
Real Estate Without Us (+Rendering)
(All cellphotos by Matt Chaban)
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
Atlantic Yards Gets Contextual
The Post has put a design to Marty Markowtiz's "proposal" for Atlantic Yards. (Rendering by the New York Post/Original Aerial Photograph by Jonathan Barkey/Courtesy the Post)
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
Strike Two? Not So Fast
The Vanderbilt Yards await transformation. (Courtesy threecee/Flickr)
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
Coney of the Mind
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
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