Ratner to finish Atlantic Yards affordable housing 10 years early

Agreement with city pushes construction of 2,250 units well ahead of current schedule

New York /
Jun.June 27, 2014 09:01 AM

Forest City Ratner signed a formal agreement with the state to accelerate the pace of affordable housing construction around his Atlantic Yards project in Downtown Brooklyn.

Under pressure from public officials and community groups, Forest City Ratner agreed to finish 2,250 affordable apartments by 2025 — 10 years ahead of the developer’s current schedule.

“New York State is delivering a deal that will ensure this vital housing is built quickly and efficiently and that the community is engaged in every step of the project,” Governor Andrew Cuomo said on Thursday. “This agreement is a win for the state and most importantly Brooklyn residents who will finally begin to see affordable buildings being constructed in their neighborhoods.”

The $1 billion Barclays Center opened in September 2012, but since that time not one apartment has been built in the area, disappointing residents. Under the new agreement, the project’s next two residential buildings will bring a total of 600 units and be entirely affordable. Should Forest City Ratner fall behind the revised schedule, it will be responsible for paying a fine of up to $5 million, the New York Times reported.

“We are determined to jump-start affordable housing at Atlantic Yards,” Mayor Bill de Blasio said Thursday. “The agreement means two 100 percent affordable buildings will go in the ground starting next year.”

The push for the unusual deal sprang from Governor Cuomo’s desire to slap a timeline on the long-delayed project, along with Mayor de Blasio’s desire to make headway on his promise to create 200,000 units of affordable housing in the city, according to the Times. The involvement of Shanghai-based Greenland Group, which is making an investment of roughly $200 million in exchange for a 70 percent equity interest in the Atlantic Yards development, also reportedly spurred the developer to action. Greenland executives have publicly stated that they want to complete Atlantic Yards in eight years. [NYT] Julie Strickland


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

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

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
From left: Google's Sundar Pichai, Facebook's Mark Holliday, and Factory_OS's Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

Facebook, Google back modular housing startup

Facebook, Google back modular housing startup
A rendering of 153-10 88th Avenue in Jamaica (Photo via Zara Realty)

Zara Realty plans 218K-sf Jamaica development

Zara Realty plans 218K-sf Jamaica development
Housing prices in the Rockies see a bump as tech workers move in from the coasts (iStock)

Housing prices soar in mountain towns thanks to tech transplants

Housing prices soar in mountain towns thanks to tech transplants
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
San Francisco Mayor London Breed (Getty)

San Francisco mayor blasts “lefty movement” for blocking housing

San Francisco mayor blasts “lefty movement” for blocking housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...