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Related May Step in to Complete Downtown Brooklyn Mega-Project
A rescue plan is in the works for the often-delayed, half-completed Pacific Park mega-project in Downtown Brooklyn, reported the Wall Street Journal. The plan would entail Related Companies forming a venture with the U.S. Immigration Fund and Fortress, which collectively hold $300 million of debt tied to the project and plan to foreclose this fall.
The plan would need to be approved by the Metropolitan Transportation Authority (MTA), which owns the rail yard over which the Pacific Park project is being built. Related similarly had to coordinate with the MTA and state agency Empire State Development on its successful Hudson Yards project on Manhattan’s Far West Side.
Approved in 2006 as Atlantic Yards with a projected completion date of 2016, the project was taken over by Chinese developer Greenland, which defaulted on two construction loans last year. Work on Pacific Park has been suspended since late 2023, the WSJ reported.
- ◦Development
