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Is the Governors Island Redo in Jeopardy?

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Given the dreaminess of the renderings and a tentative completion date way off in 2013, we should have known that the Dutch conversion of Governors Island into a park of wonders was perhaps too good to be true. On the surface, everything is fine. The old Coast Guard base has a big splashy waterfall, and the lineup of summer events on the island is the most ambitious yet. And the Motel 8, aka Building 293, is about to be demolished, part of the first phase of the master plan that includes the razing of 13 buildings total, a basic re-landscaping and an environmental review. But here's the big problem: The Real Deal reports that Leslie Koch, who is overseeing the reinvention of Gov's Island, acknowledged that the project only has $20 million in capital funds budgeted this year (which covers Phase 1), and more than $200 million needs to be secured in total to make the "Park at the Center of the World" dream come alive. In this era of budget shortfalls and crumbling megaprojects, that's, uh, going to be tough. And West 8, the landscape architecture firm chosen to design the 90 acres, now says the entire park will take 15 years to complete. What does all this mean for the future of Governors Island? Here's a hint: Big Purple is watching.
· Governors Island demolition to begin [TRD]
· Governors Island coverage [Curbed]