Bruce Ratner, chairman and CEO of FCRC, recently admitted that construction hasn't happened as fast as he would have liked, but has also pointed out that FCRC has had to overcome the hurdles presented in numerous court challenges, which pushed "us into a time when the economy has slowed, and both financing and tenant commitments are more challenging to obtain," he says. "We will build Atlantic Yards--and deliver on all of our commitments to Brooklyn."

On Monday, FCRC released the latest images of the Frank Gehry-designed development. The new designs have been in the works since the project received public approvals in Dec. 2006. They feature the first three buildings expected to be built: Building One—B1, an office tower—the Barclays Center—Arena—and Building Two—B2, a residential tower, which pursuant to FCRC's agreement with ACORN is expected to have 50% of its units dedicated to low and middle-income New Yorkers.

During the approval process, Forest City agreed to reduce the height of B1 to ensure it was not taller than the Williamsburgh Savings Bank, the tallest building in Brooklyn which is located across the street. B1 will now stand 511 feet and 34 stories tall, just shorter than its neighbor on Flatbush Avenue. The building, which is designed to achieve a LEED silver rating, will have approximately 650,000 sf of class A office space. Cushman & Wakefield will serve as leasing agent for B1.

The Barclays Center has also received an updated design. The Center is designed to achieve LEED certification with a goal of LEED silver and will incorporate some of the most interior and exterior amenities.

B2, the first residential tower, will be 340 feet or 34-stories tall with approximately 350 units of housing. FCRC and its Community Benefits Agreement partner, ACORN, are working with the city and the state of New York to achieve a comprehensive affordable housing program for Atlantic Yards.

FCRC again affirmed its construction schedule for both phases of the development, stating its goal was to break ground on the Barclays Center in 2008 and B2 in 2009. Both of these buildings are expected to open at the same time. The next residential tower, B3, is expected to break ground in 2010 and, B4, the final residential tower within phase one is expected to break ground in 2011. A minimum of 30% of the estimated 1,500 units on the arena block will be dedicated to low and middle-income New Yorkers. Phase two is anticipated to be completed by 2018.

"We have established an aggressive but manageable construction schedule and we are confident we will get it done," Ratner says. "Atlantic Yards will revitalize an area of Brooklyn which has sat fallow for over 50 years. It is creating more than 15,000 union construction jobs, over 6,400 units of housing including 2,250 affordable units, generating billions of dollars in new tax revenues for the city and the state, and bringing professional sports back to Brooklyn."

Instant Insights /

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