Posted Jul 26, 2010, 3:17 PM
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Join Date: Sep 2009
Location: New York City
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Brooklyn,N.Y: City Point
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CITY POINT
Downtown Brooklyn
OFFICE, RETAIL, RESIDENTIAL
City Point is a unique mixed-use development that is driving the ongoing renaissance and revitalization of Downtown Brooklyn. City Point is the only project of its kind to offer the ideal combination of office, retail and a mixture of affordable and market-rate rental housing at a combined total of 1.5 million square feet. City Point will be the first major commercial project constructed in accordance with New York City’s 2004 Downtown Brooklyn Plan and is slated for completion in 2011.
The 125,000-square-foot site anchors the eastern end of the Fulton Street Mall area, bounded by Willoughby Street and Flatbush Extension to the north, Fleet Street to the east, DeKalb Avenue to the south, and Gold Street/Albee Square West to the west. The project, will consist of Approximately 520,000 square feet of retail space to accommodate local and national retailers; 360,000 square feet of Class A office space; a mix of affordable and market-rate rental apartments; and ample parking.
This project is being developed in a joint venture including Acadia Realty Trust, MacFarlane Partners, Rose Associates, Inc., and Paul Travis.
City Point will provide retail and office opportunities for both larger-scale national retailers/office users and smaller local entrepreneurs to meet the demand of the second-most densely populated county in the United States.
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http://www.pa-assoc.com/city_point.html
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Construction Now Underway On Mixed-Use Space In Downtown Brooklyn By: Jill
Urban Construction is now underway on a large-scale mixed-use space in Downtown Brooklyn. NY1 Real Estate reporter Jill Urban filed the following report. The hole is in the ground and the machines are in place, as construction finally began this week at City Point – located on the Fulton Mall in Downtown Brooklyn. “This is a project that is going into the ground after three years of planning,” says developer Paul Travis of Washington Square Partners. “It’s the most valuable most important site in Downtown Brooklyn at the corner of Flatbush [Avenue] and Fulton [Street].” Located on Albee Square and across from the landmark Dime Savings Bank building, this is the first new development on the Fulton Mall in more than 30 years, and the first to bring residential space to this prime retail destination. Construction has begun on phase one – which will be a four-story building that will offer 50,000 square feet of retail space. But eventually the entire project will offer 1.5-million square feet of mixed-use commercial and residential space. “So this very first phase is all retail,” explains Richard Cook of the architecture firm Cook + Fox. “What we are designing right now is the next phase, which is a very vibrant mixed-use development which will be more retail but also 120,000 square feet of affordable housing and potentially office space also, and then ultimately the last phase will be market-rate housing up on Flatbush Avenue.” The design has been through many incarnations as the recession forced the developer to rethink the original proposal. Construction of the first phase was actually made possible thanks to stimulus bonds. City Point is expected to bring a variety of major chain retailers, as well as Brooklyn businesses looking to make a move to this prime spot. Borough President Marty Markowitz says this project serves a symbol of optimism for Downtown Brooklyn. “Now with City Point, the potential of Downtown Brooklyn will finally be realized,” Markowitz says. “It will be a place where people who are interested in shopping in every income level will have a place to call their own. It will offer some of the greatest retail opportunities in the world today. And jobs, let’s not forget, as important as anything else, the economic development that this will bring.” Phase one of the project should be open to the public by the summer of 2012. At that time, construction will begin on phase two. The entire City Point project should be completed by 2016.
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http://bronx.ny1.com/content/ny1_liv...ntown-brooklyn
http://www.pa-assoc.com/city_point.html
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