Atlantic Yards’ B2 completion date pushed back to late 2015

City angling to add affordable housing stock to long-delayed project

TRD New York /
Apr.April 21, 2014 02:25 PM

Forest City Ratner is pushing back the expected completion date for the prefabricated B2 tower at the firm’s long-delayed Atlantic Yards project.

The 22-acre Atlantic Yards site has been a work in progress for 10 years, and is increasingly coming under fire for not yet producing any housing units, the New York Times reported. The project’s modular B2 tower, which kicked off construction in December, was said to be scheduled for completion within 18 months. But now, as that deadline nears, the projected date has been pushed back to late 2015.

Executives at the Shanghai-based Greenland Holding Group, which snapped up a 70 percent stake in the project for roughly $200 million in December, are pushing for the entire Atlantic Yards complex to be completed within eight years.

In the meantime, MaryAnne Gilmartin, chief executive of Forest City Ratner, has been meeting with Alicia Glen, deputy mayor for housing and economic development, to discuss the possibility of adding more subsidies for affordable housing.

“We’re going to drive a tough but fair bargain so we can get this project moving,” Glen told the Times. “We’re not happy about the pace of construction. But we think that modular is something we should continue to pursue across the city.” [NYT]Julie Strickland


Related Articles

arrow_forward_ios

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Inwood has stayed affordable for a remarkably long time. That could soon change. (Credit: Wikipedia)

Inwood braces for gentrification

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Developer seeks $40M for Opportunity Zone site in downtown Newark

Presidential debate 2020 Night 2: Here’s where these Democratic candidates stand on housing

Mayor Bill de Blasio and Rikers Island (Credit: Getty Images)

Real estate development not coming to Rikers Island, mayor says

Comptroller Scott Stringer (Credit: Getty Images)

Stringer sounds the alarm on the housing affordability crisis in new report

Billionaire sells Bridgehampton estate for close to $43M ask, iconic Springs General Store hits market again & more Hamptons real estate news

arrow_forward_ios