City Point to be built in two phases

City Point, the multi-use complex that is slated to be built in Downtown Brooklyn, will now be constructed in two phases. The developers, a consortium of Acadia Realty Trust, MacFarlane Partners, Rose Associates, P/A Associates and Washington Square Partners, will start building the first phase at the east end of Fulton Mall, on the site of the old Albee Square Mall. It will include affordable housing and several big-box retailers such as Best Buy. The second phase will include market-rate housing, office space and additional retail space. The original plans for City Point, which have been changed due to the credit crunch, called for a 1.5 million-square-foot development to be completed by 2010.