Coming to terms with market reality, the city is in the process of negotiating a $500 million development deal on Flatbush at Willoughby that would be primarily residential and retail instead of the originally envisioned commercial usage. According to the NY Sun, Albee Square (as it is being called) would have more than 800 apartments, 20% of which would be “affordable housing”, 100,000 square feet of commercial and 500,000 square feet of retail space. What makes this particularly interesting is the speculation that the anchor tenant could be none other than Walmart. William Ross, executive director of sales for Halstead Brooklyn, called the site “the least objectionable space in all of Brooklyn for a Wal-Mart.” Under the contemplated deal, Thor Equities, which bought the development rights to the land in 2001 for $25 million, would sell them to a joint venture between PA Associates/Acadia Realty Trust and Avalon Properties. Negotiations are reportedly in the “final phases.”
City in Talks on Future of Big Site For Building in Downtown Brooklyn [NY Sun] LiveLocal