Atlantic Yards Report has
reported this numerous times...now we get a further injection of reality from
Crain's New York Businessi (subscription
only):
Arena to miss its start date
Erik Engquist and Matthew Sollars
September 7, 2008
Forest City Ratner still insists that it can break ground on its Brooklyn
basketball arena this year. Reality says otherwise. It will be at least 2009
before state courts stomp out two lawsuits challenging the project's environmental
impact statement and use of eminent domain.
The EIS case will be argued Sept. 17; a decision is probably months away.
The eminent domain case won't even be heard until January. Both decisions
will be appealed to the state's high court.
As the legal case has dragged on, the arena's estimated cost has risen to
$950 million, from $637 million when it was approved by the state in December
2006. Financing projects is "almost impossible" while litigation
is pending, Forest City Chief Executive Bruce Ratner has said.
That's if it is ever built, of course, which is a big if.
