NY Dirt: Three takeaways from the Pacific Park MOU

The MOU has landed. Empire State Development, LCOR and Cirrus Real Estate Partners on Friday released the memorandum of understanding for their long-delayed buildout of Pacific Park, the next six-site phase of a megadevelopment slated to deck over the Atlantic Terminal railyard in Brooklyn.  The deal struck between the developers’ joint venture and the state last month, which is still nonbinding, outlines how the next phase of the beleaguered project plans to proceed. The project’s two-decade track record of foreclosures, missed deadlines and opaque processes raised concerns from community groups and lawmakers calling for the developers to share the MOU […]

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