BROOKLYN, NY-City Point is finally underway, commencing construction on Phase I of the mixed-use facility in downtown Brooklyn. The site, which anticipates the addition of a small green space along with its office, retail and apartment components, will begin the four-story retail portion of the build.
The 50,000 square feet of retail at 1 Dekalb will be located on the Fulton Mall and designed by Cook + Fox and Greenberg Farrow. The project is receiving financing from the city in the form of a $20 million Recovery Zone Facility bond. The bond is being provided through the New York City Capital Resource Corp.
The developer, Acadia Realty Trust and its partners P/A Associates and Washington Square Partners, anticipate the Phase I construction to complete in 18 months. The space is not pre-leased, but Acadia says it is in "active conversations" with local and national retailers. According to Acadia, there is no set asking bid, nor is the space divided into store size at this time.
Phase II, which will boast 500,000 square feet of retail and residential space has no set timeline and Acadia tells GlobeSt.com it will depend on market demand, noting that it could be larger if the market allows. However, going on market demand, there is no set date to being construction on the monstrous second phase.
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