Remember when the Barclays Center was still being proposed and as part of the Atlantic Yards deal, the developer promised affordable housing? If you don’t, it’s understandable. It was over a decade ago and not one residential building has been constructed. But according to the New York Times, something besides the sports arena will occupy the site in the near future:
Now, the developer, Forest City Ratner, facing pressure from public officials and community groups, has signed a formal agreement with the state, which oversees the project, to put housing construction into high gear and finish 2,250 affordable apartments by 2025, 10 years ahead of the current schedule.
That’s great news, unless of course their development partner, the “Chinese government-owned Greenland Group,” chooses the penalty option:
Under the agreement, the next two residential buildings — a total of 600 units — will be entirely affordable housing. If the developer fails to begin construction within the next year, it must pay what would essentially be a fine of up to $5 million.
(Photo: @Anthony Fine)