Related moves closer to reviving Brooklyn’s Pacific Park project

August 29, 2024 Brooklyn Eagle Staff

Pacific Park, which originally was called Atlantic Yards, is a 22-acre mega-project in Prospect Heights. Eagle photo by Lore Croghan

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BOERUM HILL — RELATED COMPANIES IS NEARING a deal to revive the Pacific Park development in Brooklyn, where construction has been stalled since late 2023, according to an Aug. 27 Wall Street Journal article that was quoted on the Atlantic Yards Pacific Park Report. The project, which includes plans for 16 high-rise buildings and thousands of affordable housing units, has faced delays due to the default of the previous developer, Greenland. The Related Companies, Fortress Investment Group and the U.S. Immigration Fund are entering a joint venture to develop the remainder of the Brooklyn project. However, construction, which was halted in late 2023, is not expected to resume until late 2025, according to an unnamed source in the WSJ article. Related’s proposed involvement would require approval from the Metropolitan Transportation Authority. Community concerns about affordability and project accountability remain.

Although there are prescribed fines for failing to meet the construction deadlines, it is unlikely that they would be levied against the new developer, as the Empire State Development Corp., under the auspices of Gov. Kathy Hochul, would want to see the project finally completed, Real Deal’s article posits.

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