According to Acadia Realty Trust, in conjunction with its partners, P/A Associates and Washington Square Partners (collectively Acadia P/A/T), construction has commenced on the $24 million first phase of City Point, a mixed-use project. The construction is being financed with a $20 million Recovery Zone Facility bond financing through the New York City Capital Resource Corp. (NYC CRC).
The first phase of the project will be a four-story, retail building of 50,000 s/f, located on the Fulton Mall. Designed by architects Cook + Fox and Greenberg Farrow.
The new building is the first phase of the City Point project which will comprise 1.5 million s/f of new construction, including retail and commercial space and a mixture of affordable and market-rate housing. Planning and design is underway for additional development that will connect to the first phase.
The City Point site, which totals 127,000 s/f, is owned by the city and leased on a long-term basis by Acadia P/A/T. The leasehold was acquired during 2007 together with an unaffiliated partner. On June 30, Acadia-P/A/T acquired its partner's interest and now owns the entire City Point project.
An effort is underway to include local, minority-owned, and women-owned firms in the construction of the building. Acadia is working with Workforce One and the Downtown Brooklyn Partnership to insure that local residents benefit from permanent job opportunities.
Kenneth Bernstein, Acadia's president and CEO said, "We are excited to start construction at City Point, which will become an integral part of the continuing redevelopment and revitalization of Downtown Brooklyn. With the help of our partners, Paul Slayton, Aaron Malinsky and Paul Travis, as well as the patience and support of the city of N.Y., especially the mayor's office, the N.Y.C. Economic Development Corp., and borough president Marty Markowitz, we have a project that we will all be proud of and which will make a strong, positive contribution to Brooklyn and the city."
Markowitz said, "City Point is a project I've been proud to support from day one, and I am delighted that construction is underway. The first phase will breathe new life into Downtown Brooklyn's business community and will serve as an anchor for the businesses on Fulton St. The timing of City Point is perfect, because every day we become more of a destination for people living in Lower Manhattan—a destination for shopping, entertainment, arts, culture and, of course, sports with our very own Brooklyn Nets. Bravo to Acadia Realty and Ken Bernstein, Aaron Malinsky and P/A Associates, Paul Travis, the Economic Development Corp. and everyone who is helping to make City Point a reality."
"City Point promises to enhance the already vibrant neighborhood of Downtown Brooklyn, helping to make it a retail destination and a center for economic activity," said N.Y.C. Economic Development Corp. president Seth Pinsky. By making good use of Recovery Zone Facility bonds, we were able to jump-start the project and get it back on the path to completion and success. City Point and projects like it are helping to spur our economic recovery by bringing jobs, economic activity and revenue to the city, and we look forward to using the Recovery Zone Facility bond program to facilitate growth in neighborhoods across the city."
P/A Associates is a real estate company involved principally in the development of commercial and industrial properties in metropolitan New York and New Jersey. Under the direction of founders Paul Slayton and Aaron Malinsky, P/A Associates has successfully developed a number of urban projects including, together with Acadia, Fordham Place in the Bronx.
Paul Travis is a partner in Washington Square Partners and Kingsbridge Development Partners, a real estate development firm that, together with P/A Associates, developed River Plaza, the first major private development in the Bronx in 20 years
Acadia Realty Trust, headquartered in White Plains is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of retail and mixed-use properties including neighborhood and community shopping centers located in urban and suburban markets in major metropolitan areas. Tags: