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. [more]