City Point to break ground this month

City Point, a long-stalled retail and housing development project in downtown Brooklyn is expected to break ground by the end of the month, thanks to a $20 million bond from the federal government’s stimulus plan, the Wall Street Journal reported. City Point, which is planning 1.5 million square feet of new construction at the Fulton Mall, is the first private project in New York City to receive funding from the stimulus plan, according to the city’s Economic Development Corp. The previous mall at the site was demolished in June 2008, after which financing and tenant interest dried up. The bond will provide most of the $24 million in financing for the first phase of development, consisting of 50,000 square feet of retail shops to be completed by early 2012. Officials say they expect the project to create jobs downtown and provide 120 units of affordable housing. City Point is the first commercial building to be constructed in more than 30 years at Fulton Mall, according to the developers. Other retailers, including Barneys, H&M and Aeropostale, have also made plans to open shops at Fulton or nearby in downtown Brooklyn. [WSJ]