BOERUM HILL — RELATED COMPANIES CLOSE to a deal to revive the Pacific Park development in Brooklyn, where construction has stalled since the end of 2023, according to a report dated August 27 Wall Street Journal Article that quoted in the Atlantic Yards Pacific Park Report. The project, which includes plans for 16 high-rises and thousands of affordable housing units, has faced delays due to the default of previous developer Greenland. The Related Companies, Fortress Investment Group and U.S. Immigration Fund are entering into a joint venture to develop the remainder of the Brooklyn project as a joint venture. 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 planned involvement would require approval from the Metropolitan Transportation Authority. Community concerns about affordability and project ownership remain.

Although there are fines for missing construction deadlines, they are unlikely to be imposed on the new developer because the Empire State Development Corp., under the auspices of Governor Kathy Hochul, wants to see the project finally completed. The Real Deal article postulates.

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