August 13, 2009

City Point Gets Financing Boost from The Feds

Some of the Federal Stimulus money is making its way to the Big Apple in the form of tax-exempt bonds and one of the big beneficiaries is the large mixed-use project planned for the former Albee Square Mall site in Downtown Brooklyn now called City Point, reports the New York Times. "We’re eager to sustain the momentum in neighborhoods like these that had benefited from significant private investment in more flush times but are seeing little today,” said the EDC's David Lombino. As we mentioned last month, the City Point project has been broken up into two stages, with the first commencing on the southern portion of the site closest to the Fulton Mall. Phase 1 is set to include about 240 apartments and between 150,000 and 200,000 square feet of retail space.
Stimulus Aid Planned for Two City Projects [NY Times]
City Point: Half Now, Half Later [Brownstoner]
Over the Fence at City Point née Albee Square [Brownstoner]
New Building Plan Filed for City Point [Brownstoner]
Slowly But Surely at Albee Square [Brownstoner] GMAP DOB
Development Watch: Whole Hog at Albee Square [Brownstoner]
Development Watch: Albee Square Mall Gets Gutted [Brownstoner]
Development Watch: RIP, Albee Square Mall (Garage) [Brownstoner]
More Details on Albee Square aka City Point [Brownstoner]

Posted by Brownstoner at 10:15 AM | Comments (3)
Categories: Development, Downtown Brooklyn

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