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Ratner May Scale Back Atlantic Yards Transit Upgrades
By
Jen Chung
Published Jan 22, 2009
Modified Jan 22, 2009
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By
Jen Chung
Published Jan 22, 2009
Modified Jan 22, 2009
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The Post reports that developer Bruce Ratner's Forest City Ratner is "trying to cut back on much-needed transit improvements, which he promised in exchange for approval for the controversial $4 billion" Atlantic Yards project. This is the latest bad news for the ambitious project—most recently, Ratner has been downsizing the buildings.
Forest City Ratner bought the MTA's Vanderbilt Railyards for $100 million, beating out a $150 million bid from Extell, whose bid also didn't require all those state subsidies. The Post adds that the MTA found "the rail yard worth $214.5 million. [But] Ratner won out after convincing the MTA his plan was actually worth $445 million, by claiming it included $345 million in transit enhancements," including "a $182 million replacement rail yard, an environmental cleanup, and other improvements around the bustling Atlantic Avenue transit hub." But that's all apparently up in the air—and Ratner hasn't paid the MTA the $100 million yet. The Atlantic Yards Report pointed out that MTA CEO and Executive Director Eliot Sander was worried where that money was...last April!
Develop Don't Destroy Brooklyn's Daniel Goldstein says the MTA should look for more bidders once again, while a FCR spokesman says the company is "committed" to the improvements.
Tagged
Atlantic Yards
brooklyn
Bruce Ratner
development
Extell
Forest City Ratner
MTA
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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