Citypoint Recovery Bonds Approved

Despite some last-minute noise from critics, the city’s Capital Resource Corporation yesterday approved $20 million in Recovery Zone Bond Financing for the City Point project that is slated to rise in stages on the site of the old Albee Square Mall in Downtown Brooklyn. The announcement included some specific info about the timeframe and staging of the mega development:

Phase 1A of the City Point development will commence in March 2010 and will be the first portion of the eventual 184,000 square-foot retail development. It will be completed March 2012. Phase 1B fills out the retail complex, will include at least 120 units of affordable housing, and will begin construction by March 2011, to be completed by March 2014. The financing approved today will serve to advance the entire 1.6-million-square-foot project which will eventually encompass retail space for local and national retailers, affordable as well as market rate housing, and possibly commercial office space.

Bombs away!
Sparks Fly over Bailout for Downtown Development [Brownstoner]
City Point Gets Financing Boost from The Feds [Brownstoner]
City Point: Half Now, Half Later [Brownstoner]