When Forest City Ratner released new designs by SHoP Architects of the Barclays Center yesterday, it was seen as an effort to right a listing ship. But no sooner had those copper-hewed renderings hit the presses than the city's Independent Budget Office released a report [PDF] today noting that the arena will cost the city $40 million in revenues over the next 30 years as a result of financial incentives granted to the developer. Furthermore, the city lost a potential $181 million in lost opportunities through tax breaks and incentives provided to the developer, which cost the state $16 million and the MTA $25 million, though the report also notes both will release a net gain of $25 million and $6 million, respectively, if the deal goes through.
Posts tagged with "Forest City Ratner":
As we wrote in our story last week, Frank Gehry might not be involved with any buildings on the Atlantic Yards site and not just the arena. As a Forest City Ratner spokesperson told me, "Frank might design one of the buildings later, I don’t think it’s impossible. But right now, he is just the master planner.” Well, as of yesterday, WNYC reported that the it will be impossible after all:
Just two years ago, developer Forest City Ratner was insisting Gehry would design each and every one of the 16 towers that surrounded the arena. Gehry had dubbed one of them Miss Brooklyn. But two sources close to the project say now the developer is not planning to use Gehry any more, citing costs, the architect's lack of interest and the complications of meshing different architectural styles in a small space. A spokesman for Forest City Ratner said Gehry is still "involved" in the project but did not answer specific questions. The developer says it plans to break ground on the arena this fall, and the first residential building six months later.While this is unsurprising news, it highlights just how challenging the project will be going forward, from the prospective of design, and also reaffirms a frequent criticism of Ratner's project, that the developer has no interest in building anything but the arena. Sure, it could be done, but at what (additional) cost?