Bi-Weekly Digest: Getting Busier?
Beyond news of the project's future, coverage of developer Greenland's struggles and Mamdani's reticence.
This digest offers a way to keep up with my Atlantic Yards/Pacific Park Report blog and my other coverage in this newsletter and elsewhere.
Well, just two days ago I sent FAQ: Where Do Things Stand with Atlantic Yards?, which distills the main news—and many unknowns—from the Aug. 6 meeting of the Atlantic Yards Community Development Corporation (AY CDC). It’s supposed to advise Empire State Development (ESD), the state authority that oversees/shepherds Atlantic Yards/Pacific Park.
So consider this (slightly belated) digest an opportunity for more on the last two weeks, and to drill down further on the AY CDC discussions.
Also see coverage in Gothamist Aug. 6, Yet another delay in Atlantic Yards housing plan. Developer still skirts millions in fines., and Aug. 13, Why did NY waive $5.25M in Atlantic Yards fines? The developer threatened to sue., both of which reached a lot more readers than my more exhaustive coverage.
I have some other tidbits, including news on a delayed Atlantic Yards traffic study, developer Greenland’s financial struggles, notable caution from the Democratic Mayoral nominee Mamdani, and even a question about the Barclays Center’s current plaza display.
Note to readers who subscribed because of their interest in the arena/Nets and sports business issues: I have much more coming, starting this afternoon (!), in my Atlantic Yards/Pacific Park Report blog, which will later be rounded up in a digest here.
From this newsletter: an FAQ
Aug. 17: FAQ: Where Do Things Stand with Atlantic Yards?
A joint venture, in two variations, may take over, but scale, scope, promises, and timing are TBD. Could public input make a difference, especially after New York State suspended penalties?
From this newsletter: the consultants
Aug. 5: If the Consultants Have Earned $63.4M+, How About a Few Bucks For the Public?
Could there be an independent voice on the project's financial viability, scale, and community impact? Past independent reports have been credible. I think there’s a strong case for expertise to counteract ESD’s expected conclusions.
From Atlantic Yards/Pacific Park Report
Aug. 5: There was supposed to be a traffic study after 1,500 apartments were built in Atlantic Yards/Pacific Park. The Department of Transportation decided to wait. Maybe that makes sense, as so many plan changes await.
Aug. 7: As state extends suspension of affordable housing penalties, citing revised development proposal (& teams) now involving Site 5, advisory group presses ESD to at least calculate the accrued damages. Project contours (& ownership stakes) unclear. This is part of why I wrote the FAQ.
Aug. 8: Why valuable Site 5 (worth $250M-$400M+?), across from the arena, is key to restarting Atlantic Yards, and why New York State has far more leverage than it acknowledges.
That’s because ESD still must approve the transfer of bulk from the unbuilt B1 tower, once slated to loom over the arena.
Aug. 9: When it comes to enforcement of Atlantic Yards penalties, why is Democratic Mayoral nominee Zohran Mamdani so cautious (especially compared to Republican Curtis Sliwa)?
Is he trying to cozy up to the establishment and real estate industry, as well as currying favor with Gov. Kathy Hochul, who hasn’t endorsed him yet?
Aug. 10: An updated graphic, perhaps premature, regarding Atlantic Yards/Pacific Park ownership. Now with expected incoming team Cirrus and LCOR. Thanks, collaborator Ben Keel.
Aug. 11: In the Fortune Global 500, Greenland Holdings, parent of struggling Atlantic Yards developer, plunges to #480, from #291 last year and its peak of #125 in 2022. That’s an ominous trend.
Aug. 12: Does developer Greenland USA have a case for Unavoidable Delay, and thus could hold off penalties? Maybe, but ESD should have come clean sooner and seems wary of exercising power.
Aug. 13: Does collecting damages for missing affordable housing make "it less likely the project gets built,” as real estate consultant tells Gothamist? It's not so simple, given the complex—and not yet explained—ownership percentages and contingencies.
Aug. 14: In latest Moody's analysis, Greenland Holding Group retains near-bottom credit rating and negative outlook. It needs cash from asset disposals.
Aug. 15: Would "Community Engagement" regarding the remaining Atlantic Yards project work or be an "exercise in futility"? With no plan yet and little trust, let's see what might emerge by October.
Aug. 16: Arena operator BSE Global says it didn't need Department of Buildings permission to put up the Liberty Portraits exhibition on Ticketmaster Plaza. (Update: The DOB says “props” under 10 feet don’t require a permit.)