Wednesday, January 16, 2013

City Point Moving Forward in Downtown Brooklyn

According to city officials, City Point will be a mixed-use development, which will support the growth of Downtown Brooklyn and enhance the community with expanded retail and housing options. When complete, the project will encompass 1.9 million-square-feet, including local and national retail and affordable and market rate housing. The first phase of 50,000 square feet of retail space, One DeKalb Plaza, was recently completed. The LEED-silver project is being developed by Albee Development, and was designed by Cook + Fox architects.

In 2004, the City adopted the Downtown Brooklyn Plan, which supports and guides the growth and development of the neighborhood through a series of zoning changes and public improvements.

The City Point project is an integral part of the City’s vision to enhance Downtown Brooklyn’s vibrant commercial, retail, and residential mix. Sitting on city-owned property, its highly visible location along Flatbush Avenue will serve as a gateway to the Downtown area.

Bordered by Flatbush Avenue, Gold Street, and DeKalb Avenue, the location was previously the site of Albee Square Mall. The site is adjacent to the Fulton Mall shopping corridor and the historic Dime Savings Bank building.

To spur redevelopment, NYCEDC entered into a lease agreement with Albee Development LLC in 2007 to develop 1.9 million square feet of mixed-use space at the underutilized site.  The resulting project is City Point.

[See ElectricWeb | Blogger, May 26, 2012]

The first phase, a 50,000 square feet retail building, has recently been completed. NYCEDC and the New York City Capital Resource Corporation catalyzed the construction of this retail building by allocating $20 million in Recovery Zone Facility Bonds, which were tax-exempt bonds authorized under the 2009 American Recovery and Reinvestment Act.

Moving Forward

The project's next phase is scheduled to begin this spring, and will include approximately 600,000 square feet of additional retail space, anchored by Century 21 and two residential towers to be constructed above the retail complex.
Tower 1: will be developed by BFC Partners and financed by the New York City Housing Development Corporation. The 19-story building will contain 250 units, half of which will be affordable housing..
Tower 2: will be developed by The Brodsky Organization and rise 30-stories above Flatbush Avenue. The rental building will contain 440 market rate apartments.
The remaining phases of the project will be constructed by early 2016, resulting in new retail choices, affordable and market rate living spaces, office space, and job opportunities for the residents and workers of Downtown Brooklyn.

Construction of the apartment towers are on schedule and expected to be completed in 2014 and 2015, according to a representative from Albee Development.