NEW YORK CITY—If it's possible, Downtown Brooklyn is about to get even hotter.
That's because of a planned 1.8 million-square-foot mixed-use development, known as City Point, that is coming to the area. Featuring residential units, office space and a whole lot of retail, the project won't debut until next year but it's about to hit a milestone that will get the ball rolling, Chris Conlon, COO and EVP of Acadia Realty Trust, co-developer of the project—which also is being created by Washington Square Partners—tells GlobeSt.com in this EXCLUSIVE interview.
GlobeSt.com: What's the status of the project?
Chris Conlon: The project is under construction and the first two residential towers are topped out. We expect to have occupancy at the end of this year of the first tower by the third quarter for the second tower. A developer for the third residential tower will be named shortly. Construction won't start for a year or two.
The complex also will have 600,000 square feet of retail, which we will deliver to three anchor tenants in the next 60 days. Then there will be build-outs and the grand opening will be held in March of 2016.
GlobeSt.com: What do you anticipate will be the impact of this project on Brooklyn?
Conlon: It changes Brooklyn in two ways. We're adding over 1200 residential units to the 5,000 that are planned or under construction so it's further densification Downtown, specifically at Fulton street and Flatbush avenue. Also, it will shift the retail concentration along Fulton. Many new stores are heading there including TJ Maxx, Sephora, Nordstrom Rack, Gap and Old Navy but with the addition of 600,000 square feet of new retail, the focus will shift to the City Point end.
GlobeSt.com: Does this target the Millenial generation, which seems to favor Brooklyn?
Conlon: According to the Downtown Brooklyn Partnership, the average age of new residents is 26 years old, so it's a young professional demographic, and creating this development allows us to bring in a project aligned with the new residents of Brooklyn.
There hasn't been a lot of shopping, dining entertainment coming into the area for that constituency yet Downtown Brooklyn has exceptional transportation options.
GlobeSt.com: Can you mention who some of the tenants will be?
Conlon: We built the project to accommodate a 25,000-square-foot food hall with 50 vendors. More details on that element will be announced in the next month or two. The retail base of the complex is the lower level plus floors one through five and it will include a Century 21, City Target, a 90,000-square-foot store—it's Target's smaller urban concept, and Alamo Drafthouse Cinema. The ground floor and basement will feature a host of fashion and other tenants.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
