Photo: Cook + Fox Architects
City PointLocation: Brooklyn, New York
Client: Albee Development LLC
Services: Project Management, Public Approvals, Proposals & Transactions, Project Feasibility
Washington Square Partners is serving as development manager for City Point in Downtown Brooklyn. On June 13, 2007, Albee Development, LLC, comprised of Acadia Realty Trust, Curbcut Urban Partners, and Washington Square Partners, closed on a ground lease with the City of New York, that will facilitate development of an approximately 1.8 million square foot mixed use project in Downtown Brooklyn, including retail, mixed-income residential and potentially office.
City Point is a mixed-use project planned at the site of the former Albee Square Mall on a 125,000 square foot parcel bounded by the Fulton Mall on the south and Willoughby and Flatbush Avenues on the north. The project will include significant residential, retail and office components in multiple towers. In addition, City Point will be energy-efficient, designed to LEED Silver standards. Given its location, mix of uses, and size, City Point will become one of the most prominent developments in Downtown Brooklyn and will be instrumental in realizing the vision of the Downtown Brooklyn Plan. This vision includes over 14,000 residential units, 1.5 million square feet of new office space and 1.5 million square feet of new retail.
WSP has served as project manager for the entire City Point project. Prior to 2009, WSP assisted in negotiating the lease and transaction terms with New York City and secured a significant incentive package from New York City. These incentives include Industrial Development Agency (IDA) and energy related program incentives for the project's office component, Industrial and Commercial Incentive Program (ICIP) benefits for a partial real estate tax exemption for the retail component of the project, and a 421-A like real estate tax exemption for the residential component of the project.
For the residential component, WSP assisted in reconfiguring the project to incorporate more affordable housing to allow the project to be eligible for more tax exempt financing. By thinking about affordable housing inclusion creatively, WSP was able to identify a mix of housing that maximized potential tax exempt financing and thus closed a significant financing gap.
The first of three phases, a 50,000 square foot retail building designed by architects Cook + Fox, was completed in February 2012, and was a recipient of the NYC Public Design Commission's award for Excellence in Design. Construction of the second phase began in November 2012 and is expected to be completed in early 2015.