State Development Agency Adopts Atlantic Yards DEIS 7/18/06
The Empire State Development Corporation, on 7/18/2006, announced acceptance of the Draft Environmental Impact Statement (DEIS) for the so-called Atlantic Yards project in Brooklyn and authorized a public hearing in Brooklyn on August 23. Here is the press release:
Charles A. Gargano, Chairman of Empire State Development Corp., today announced the ESDC Board adopted the General Project Plan (GPP), made Land Use Improvement Project Findings and Civic Project Findings available, accepted the Draft Environmental Impact Statement (DEIS), and authorized a public hearing for the Atlantic Yards project in Brooklyn, NY.
The $4.2 billion dollar Frank Gehry designed Atlantic Yards project will include an 18,000 seat sports and entertainment arena, a reconfigured and improved Vanderbilt train yard to be used by the Long Island Railroad for storage, cleaning and inspection of their trains and to provide better access to the Atlantic Terminal train station. Other highlights include mixed-income housing, commercial and retail space, as well as over 7 acres of publicly accessible open space. The project would encompass 606,000 square feet of office space, 6.8 million square feet of residential space, which will create between 5,790 and 6860 affordable and market-rate housing units, with 50% of all rental units for low and middle income families. The development is centered at Atlantic and Flatbush Avenues and, in part, will be situated over the MTA/LIRR’s Vanderbilt Yards.
“This is an historic project that will build a stronger future for our great City and State,” said ESDC Chairman Charles A. Gargano. “Not only are we one step closer to bringing a world class professional sports team back to Brooklyn – but even more importantly, we are one step closer to creating thousands of new jobs and much needed housing -- including affordable housing -- which will have a lasting impact on the borough.”
The Atlantic Yards Project is expected to generate 15,344 construction jobs and $721 million in direct personal income related to construction activities. On a present value basis, the project will generate $1.4 billion in tax revenues to the State in excess of the public contribution to the project.
Deputy Mayor for Economic Development & Rebuilding Daniel L. Doctoroff said, “In addition to bringing thousands of jobs and new residences to Brooklyn, the Atlantic Yards project also will provide new open space, more retail options, additional cultural amenities, and a state-of-the-art, world-class arena for the NBA Nets as well as increased office space to house the growing number of companies that want to be in Downtown Brooklyn. This project will result in approximately $4 billion in private investment and represents one of our greatest opportunities to leverage the economic resurgence of Downtown Brooklyn, and I’m pleased the ESDC Board adopted the plan to make that happen.”
The City and State have agreed to provide $100 million each into the project. The State’s funding will go towards infrastructure – the City’s funding can be applied towards land costs as well as infrastructure. Mortgage recording and sales tax exemptions have been provided for the arena and arena infrastructure. Mortgage recording tax exemptions have been provided on the residential component of the project. Besides the arena – all other developments will subject to real estate taxes.
"Atlantic Yards promises to be a historic development that will provide thousands of needed housing units, including an unprecedented number of low-income and affordable rental units, a world-class arena and a valued destination for people throughout Brooklyn and the City.,” said Jim Stuckey, President of the Atlantic Yards Development Group. “While the Draft EIS examines potential impacts that the project may have, we've gone to great lengths to develop innovative programs to mitigate the impact both during construction and after. Just as importantly, we have designed into the project enhancements to improve the existing infrastructure and environmental quality of the area. We look forward to discussing these as we enter this stage of the public process."
The project will likely require the relocation of some residential and commercial occupants that currently reside on the Project site. ESDC expects to retain the services of a professional relocation consultant to assist with a relocation plan. All displaced residential tenants will be offered comparable living space at comparable rent and a reasonable relocation allowance.
The build out of the project will occur in two phases. The first phase, anticipated to be completed by 2010, will include the development of the new rail yard and the arena and developments on the western portion of the site. The balance of the Project is scheduled to be completed by 2016. The arena is expected to be open in time for the 2009 NBA season in October and to be in use for approximately 225 events per year (inclusive of 41 home games for the Nets.)
A public hearing is scheduled, in Brooklyn for August 23rd. An additional community forum has been scheduled in Brooklyn for September 12. Comments on the GPP and DEIS will be accepted until September 23rd and a Final GPP and EIS will be prepared after consideration of all comments.
####
