Today, following weeks of intense negotiations, BrooklynSpeaks sponsor organizations and local residents announced they have reached a landmark settlement with Forest City Ratner Corporation (FCRC), the developer of the Atlantic Yards Project in Brooklyn, and the Empire State Development Corporation (ESDC), with the support of the City of New York.
The accord, which includes a signed agreement with ESDC and another with FCRC, ensures at least 590 units of promised affordable housing are started within the next 12 months and delivers 2,250 promised affordable housing units ten years earlier than previously agreed. It also establishes an Atlantic Yards Tenant Protection Fund and penalties for failure to meet affordable housing milestones. The settlement will also result in the creation of the Atlantic Yards Community Development Corporation, a subsidiary of the ESDC charged with overseeing compliance with all project commitments.
Under the terms of the agreement, construction on the first of the affordable units will begin by the end of the year, and all affordable apartments must be completed by May 2025.
Along with attorneys from the Urban Justice Center, WilmerHale counseled BrooklynSpeaks Community Groups and local residents on a pro bono basis with Partner Calvin Walden leading the effort with Associate Aurelia Hepburn-Briscoe. Other members of the team included Senior Associates Corinne Atton and Kyla Stewart.