As an update to our post of June 6, 2009, Another Bump in the Road to Atlantic Yards, http://gideonstrumpet.info/?p=240 check out today’s New York Times, Atlantic Yards Project Enters a Crucial Period, by Charles V. Bagli, June 25, 2009, at p. A19.
It reports that the redeveloper is experiencing problems raising the funds necessary to complete the project as planned.
“Critics, and even some supporters, have complained that the Atlantic Yards project’s public benefits are disappearing before the construction even starts. Much of the housing at Atlantic Yards, including 2,250 units for moderate- and middle-income tenants, has been delayed, along with the creation of eight acres of open space.”
No kidding, fellows. Don’t that beat all?
The redeveloper, Bruce Ratner, is quoted as offering the excuse that “Delays due to litigation and a difficult economic environment required the approved changes.” But isn’t that how the development cookie crumbles? Surely, Mr Ratner did not expect that the property owners whose land he covets for his development would quietly go along with his vision, and offer no resistance to being kicked out of their homes and businesses for his benefit, without full compensation for all their economic damages. So litigation of this type — over proposed development — is par for the course; as the California Supreme Court once explained, it it is only to be expected as “normal” delay.