NEW YORK CITY — A partnership between Acadia Realty Trust, PA Associates and Washington Square Partners (Acadia P/A/T) has commenced construction for the first phase of City Point, a new mixed-use project located on the Fulton Mall in downtown Brooklyn. The first building to be constructed will total four stories and approximately 50,000 square feet. It will contain a mix of retail tenants. Construction is being financed with $20 million in Recovery Zone Facility bonds, which are being provided through New York City Capital Resource Corp. The building was designed by Cook + Fox and Greenberg Farrow. At full build-out, City Point will contain 1.5 million square feet of retail space, commercial space, and affordable and market-rate housing. The City of New York owns the site and is leasing it on a long-term basis to Acadia P/A/T.
The first building to be constructed at City Point will contain 50,000 square feet of retail space (Image/Cook + Fox Architects).
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