Money, Money Changes Everything

(Blog entry title: lyric from the song by Washington's own Bad Brains)

The New York Times reports in "To Build Arena in Brooklyn, Developer First Builds Bridges" about how Forest City Ratner Companies are building community support for their plans. From the article:

But it is Mr. Ratner's support from community figures - including a prominent Brooklyn minister, the head of an advocacy group that has battled him in the past, and an organization run by members of the local community board - that in many ways has fueled the project's slow but steady march forward... Top executives of Forest City Ratner, Mr. Ratner's company, held dozens of meetings with residents.

The project's supporters - as well as Mr. Ratner's associates - see these tactics as smart business. But opponents see the outreach as something more sinister: a campaign to divide opponents, co-opt those local figures who were interested but skeptical, and create the appearance of broad support where they say little exists...

"He's manufacturing community support, and in terms of political support, he's just relying on old relations," said Councilwoman Letitia James, one of several local politicians who oppose the project, and whose district includes its footprint. "They are Goliath, and we are David."
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For an alternative vision for redeveloping Brooklyn's Atlantic railyards, read this PPS report, "Re-Imagining Brooklyn's Inner Core: Atlantic Yards and Brooklyn Bridge Park."

And there is this report, Benefit of Nets Basketball Arena, from the Independent Budget Office which finds that a proposed Nets basketball arena in downtown Brooklyn would be a small financial benefit to the city. The financial analysis predicts that the arena would generate $28.5 million over the next 30 years, less than $1 million a year more than it would cost the city. (Note to non-finance whizzes--that's not a very good return on investment.)

Anyway, we have the same problem in DC with ANC commissioners, and negotiating "community amenities agreements" usually in association with Planned Unit Development (PUD) matters. Unfortunately, the system isn't very transparent.

One of the advantages of the DC market for developers is that "we sell ourselves for so little."