Cirrus and LCOR Move to Take Over Stalled Pacific Park Project

Although Greenland will remain financially involved in the joint venture, it will no longer have an active role in development. The current plan is for Cirrus and LCOR to lead, with financial backing from Greenland, Fortress Investment Group, and the U.S. Immigration Fund, which previously invested in the sites through EB-5 visa funding. Site 5, previously slated for office towers and possibly housing, is also part of the takeover bid. The site currently houses a youth basketball facility in a former Modell’s building.

Despite missing its deadlines, Greenland was not fined due to claims of "unavoidable delays." Instead, ESD established a new timeline and requirement for a “feasible” project plan before transferring development rights. A foreclosure auction is still required to officially shift control of the railyard sites.

If approved, this would mark a major turning point for Pacific Park, formerly known as Atlantic Yards — a project that’s been over 20 years in the making. Cirrus has rapidly expanded its portfolio, recently securing city partnerships for major housing developments, including 3,000 units at a former Queens airport and a 50,000-unit plan with Resorts World Casino NYC. Their entry could inject long-awaited momentum into one of Brooklyn’s most delayed developments.