Tag archives for | Empire State Development Corp.

Tag archives for: Empire State Development Corp.

Atlantic Yards won’t be derailed

Despite foes, watered-down project likely to proceed.

A Yards

Forest City Ratner’s long-delayed, dramatically altered Atlantic Yards project faces two key votes this week on its latest changes. Critics say the modifications will dilute—or erase—the plan’s pledged public benefits. 

On Tuesday, the Empire State Development Corp. board is expected to weigh in on a timetable that would put the completion date for the $4 billion, 22-acre project far past the original 2014 target. The Metropolitan Transportation Authority will probably vote the next day on a proposal allowing Forest City to delay delivery of a $100 million lump-sum payment to the MTA for development rights, and possibly reduce the payment amount.

Full article via Crains New York Business

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