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Atlantic Yards Investor Expects to Build Two Towers a Year

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Zhang Yuliang, chairman of Greenland Holding Group, the Chinese investment group that just purchased a 70 percent stake in Forest City Ratner's Atlantic Yards development, has laid out a very ambitious timeline to finish construction. Zhang expects to complete the project in eight years, telling reporters in Shanghai, "We have development funds, development expertise and experience and an enormous customer base." Greenland's investment constitutes the largest ever deal for a Chinese developer in the United States, and Zhang may be a bit overly optimistic as, currently, construction has only begun on one of the planned 15 apartment towers, meaning that from here on out Forest City and Greenland would have to average two towers a year. That's kind of a lot, especially considering that the developers have already dealt with a number of unexpected delaysrunning out of money and having to sell off 70 percent of the project was the most recent one, but Forest City Ratner also had to halt work on the first tower in September to make changes to its modular construction factory, and is still dealing with various lawsuits. However, with the investor on board and the factory all fixed up, it's always possible that everything will be smooth sailing from here on out. We'll just have to wait and see.
· Better Eight Than Late [WSJ]
· Atlantic Yards coverage [Curbed]