As the first two phases of City Point chugs along in Downtown Brooklyn, developer Extell Friday purchased development rights for the last unbuilt parcel in the mega-development for $115.5 million, bringing some clarity to future plans for the site, aka City Point Phase 3. The residential tower planned will likely be rentals, an Extel exec told The New York Times, and although plans have not yet been filed or finalized, could reach 60 stories with 500 units. (If so, it would be the tallest building in Brooklyn.)
The bottom four stories of the building will contain a 60,000-square-foot mall. The building could break ground before the end of the year, with the mall opening by 2017 and the rentals leasing by 2019, according to the Times. City Point said today in a prepared statement that the project will break ground in 2017 and be completed in 2020.
The whole thing is as-of-right, but Extell may conduct a public design review, according to the Times.
The land, pictured above, is owned by the City, and the $115.5 million, announced by City Point today in a press release, goes to CityPoint development partners Washington Square Partners and Acadia Realty Trust. The latter will own the mall Extell builds. The terms of the deal include an option for Extell to buy the site eventually, according to the Times. This is Extell’s first Brooklyn development.
Meanwhile, the first two phases of the project are under construction. Phase 1 opened in 2012 with Armani Exchange as an anchor tenant but recently closed to finish construction, as we already reported. Future tenants include Century 21, CityTarget, Alamo Drafthouse Cinema and a food court, as already reported. The food court, DeKalb Market Hall, will open early next year.
City Point Project in Brooklyn Gets Unlikely Partner in Extell [NY Times]
City Point Coverage [Brownstoner]