It’s the money pit that just gets deeper and deeper.
Costs for the controversial Brooklyn Bridge Park project have ballooned to $340 million – more than double the estimated $150 million price of six years ago.
But that hasn’t stopped officials from breaking ground on the 85-acre city-state waterfront park, even though only $225 million has been allocated.
Mariana Koval, executive director of the booster group Brooklyn Bridge Park Conservancy, said she believes most of the project can be completed in two years, and is optimistic that by then, the $115 million funding gap can be bridged.
“We still plan to have a first-class park,” she said.
Judi Francis – who heads a group suing to keep high-rise housing from being built within the park to help fund it – wasn’t as optimistic.
“This is a huge shortfall and the question is: Why are they building something when there isn’t enough money to complete it?” Francis said.