A long-delayed Brooklyn megaproject that’s been in the works for more than two decades could finally move forward–but not without a major assist from New York taxpayers.
The 22-acre Atlantic Yards development, also known as Pacific Park, was originally expected to bring more than 6,400 apartments to central Brooklyn. First proposed in 2003, the project has repeatedly stalled, with only about half of the promised housing completed so far.
Now, a new development team is asking the state for $350 million in public funding to help finish a critical piece of the project: a platform over the MTA-owned railyard that would allow new housing and open space to be built above it.
Why taxpayers may be on the hook
According to state officials, the platform is one of the most complex–and expensive–parts of the entire plan. Without it, much of the remaining development simply can’t move forward.
Developers Cirrus Real Estate Partners and LCOR have requested the $350 million to help cover those costs, arguing that similar large-scale projects across NYC have relied on public funding for infrastructure like this.
Empire State Development officials have acknowledged that public resources will likely be needed, though no funding has been officially approved yet.
Still, local leaders say it’s increasingly likely the proposal could be included in ongoing state budget negotiations.
What the funding would unlock
If approved, the funding would help move forward a revamped version of the Atlantic Yards plan.
Instead of building multiple towers directly over the tracks–an approach developers now say is too costly–the updated proposal would focus on:
- Constructing a platform topped with a public park
- Building most new housing on surrounding sites
- Adding several high-rise residential towers nearby
In total, the revised plan could bring nearly 6,000 additional apartments to the area, pushing the full project toward roughly 9,000 units overall.
However, the timeline remains long. Developers have indicated the full buildout may not be completed until the late 2030s.
Affordable housing remains a major question
The potential use of taxpayer dollars is raising a key question: what does the public get in return?
The original Atlantic Yards plan included a promise to deliver 2,250 affordable housing units, but hundreds remain unbuilt past a 2025 deadline. Despite missed targets, developers avoided millions in penalties tied to those delays.
Now, elected officials say any new public funding should come with stronger guarantees–especially when it comes to deeply affordable housing for lower-income New Yorkers.
Some proposals tied to the new plan would include income-restricted units, but critics argue many could still be priced closer to market rate than truly affordable levels.
A project decades in the making
Atlantic Yards has become one of NYC’s most high-profile examples of a stalled megaproject.
Since its launch in 2003, it has passed through multiple developers, economic downturns, and major disruptions–including the 2008 financial crisis and the pandemic era. While the Barclays Center was completed as part of the project, much of the surrounding housing and infrastructure has lagged far behind schedule.
The renewed push–now backed by a potential $350 million in public funding–marks a major turning point. But it also underscores a shift from the project’s original promise: that private developers would shoulder the cost.
What happens next
State officials say the funding request is still under review, and no final decision has been made.
If approved, it would represent one of the largest direct public investments into the project to date–and could determine whether Atlantic Yards is finally completed or continues to stall.
For now, the future of the development may come down to a single question: is jumpstarting the project worth hundreds of millions in taxpayer dollars?
