Real state developer Related Companies, along with other investors, said it is close to reviving the remaining build out of Pacific Park, a 22-acre development formerly known as Atlantic Yards.
Only eight out of the 16 buildings has been built as part of the massive development project, but Related said it is in talks to help Greenalnd, the current developer, move forward, according to the Wall Street Journal and the Real Deal.
Greenland USA, a Chinese developer, defaulted on two construction loans this year, which paused work on the site.
The deal involves Related talking to the U.S. Immigration Fund, which helps foreigners gain permanent residency by investing in business through the EB-5 immigration program, the Journal reported.
About $300 million in debt on the site is held by the U.S. Immigration Fund and by Fortress, an investment firm. The two debtholders are planning to foreclose on the property to take ownership in the fall, Nick Mastroianni, the U.S. Immigration Fund’s president, told the Journal.
Under the terms of the deal being negotiated with Related, the developer would join the new owners as a joint venture partner, Mastroianni told the paper. The new plan would have to be approved by the Metropolitan Transportation Authority, which owns the rail yard.
If all goes well, Related could resume construction on the site as soon as the end of 2025, a person with knowledge of the project told the Journal.
