After years of trying, critics of Bruce Ratner's Atlantic Yards finally won a significant victory when a state appeals court ruled unanimously that later stages of the construction will need a new environmental review. The ruling does not affect either Barclays Center or the three high rise apartment towers planned around the arena.
Originally, the Empire State Development Corporation gave Ratner 10 years to finish the remainder of the $4.9 billion project, but then amended the approval after the economic crisis of 2008, permitting him up to 25 years to complete it. Critics had claimed that the extension required a new environmental impact study, further slowing the project. The ESDC and Ratner claimed the longer timetable was reasonable because of economic uncertainty. The court sided with the critics.
Mikhail Prokhorov has an option to purchase up to 20 percent of Atlantic Yards but has not exercised it. There's no deadline for him to decide on the option.
- Atlantic Yards Foes Win In Court, But Impact is Unclear - Gersh Kuntzman - New York Times
- Court: More environmental analysis needed at Atlantic Yards project - John Brennan - Meadowland Matters
Appeals court calls for review of Atlantic Yards project - Thomson Reuters