A gateway site in Downtown Brooklyn gets redeveloped, creating new opportunities.
City Point is a sustainable mixed-use development which will support the growth of Downtown Brooklyn and enhance the community with expanded retail and housing options.
When complete, City Point will be 1.6-1.9 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, is complete.
The project is being developed by Albee Development LLC and designed by Cook + Fox architects. The project aims to be LEED-silver certified and embody a premier design consistent with the surrounding urban context.
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. It sits on City-owned property at a highly visible location along Flatbush Avenue and will serve as a gateway to the Downtown area. Bordered by Flatbush Avenue, Gold Street, and Dekalb Avenue, the site was previously occupied by the Albee Square indoor 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 1.6-1.9 million square feet of mixed-use space at the underutilized site. The resulting project is City Point.
The first phase, a 50,000 square feet retail building, is complete. 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.
The project's next phase is scheduled to begin in summer 2012 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. “Tower 1,” developed by BFC Partners and financed by the New York City Housing Development Corporation, will contain approximately 250 units, half of which will be affordable. “Tower 2,” developed by The Brodsky Organization and Michael Field, will contain approximately 440 market rate apartments.
The remaining phases of the project will be constructed by 2020, resulting in new retail choices, affordable and market rate living spaces, office space, and job opportunities for the residents and workers of Downtown Brooklyn. Read more in the City Point Success Story about how Albee Development LLC will use NYCEDC's HireNYC program to fill the new jobs with workers from the local community.