Greenland Group

December 19, 2023

After 20 years, Pacific Park faces foreclosure and an uncertain future

As the massive Brooklyn megadevelopment once known as Atlantic Yards reaches its 20th anniversary, news of the project's progress has been scarce. But recent changes affecting the development anchored by Barclays Center may put the 22-acre site–now known as Pacific Park–back in the spotlight. As The Real Deal reported in a wrap-up of its progress over the past two decades, current developer Greenland USA has defaulted on nearly $350 million in loans attached to the project's second phase. With foreclosure imminent, an auction, scheduled for next month, may mean a new developer will be responsible for fulfilling crucial affordable housing agreements and inherit penalties for unbuilt units.
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August 4, 2014

Greenland Forest City Partners Selects COOKFOX and Thomas Balsley for Pacific Park Brooklyn (Formerly Atlantic Yards)

Forest City Ratner Companies and Greenland USA, a subsidiary of Shanghai-based Greenland Group, announced today that their new joint venture, Greenland Forest City Partners, has selected COOKFOX Architects to design two residential buildings at their Pacific Park Brooklyn project. They've also chosen Thomas Balsley Associates to design the site's eight-acre public park, which will be called Pacific Park. Formerly known as Atlantic Yards, Pacific Park Brooklyn will be a 22-acre site anchored by the Barclays Center and containing 8 million square feet of mixed-use development. The public park will be revealed in phases, with permanent and temporary installations. COOKFOX has begun the design for its two residential buildings-- 550 Vanderbilt Avenue, set to feature 275 condominiums, and 535 Carlton Avenue, which will have approximately 300 affordable rentals. Construction is expected to begin on the latter this December, with 550 Vanderbilt not far behind. A third residential building will be designed by SHoP Architects, who were the minds behind the Barclays Center, at 30 Sixth Avenue with another 300 affordable rentals.
Much more on the project here