The developers of the proposed City Point Tower unveiled a four-story, 50,000 square foot retail building to be funded in part with federal stimulus funds.
Labeled One DeKalb, a rendering was unveiled at the Community Board 2 Land Use Committee meeting February 17.
The site is the corner part of the larger former Albee Square Mall site facing the Fulton Mall and the old Dime Savings Bank building just west of Junior’s Restaurant.
The rendering was made available about a week after the Board of the New York City Capital Resource Corporation (NYCCRC) approved the use of $20 million in tax-exempt bonds through the federal stimulus bonds.
The developers, Albee Development LLC, is a consortium of PA Associates/Acadia Realty Trust/McFarlane Realty.
Upon final build out, City Point Tower is expected to cover from Fulton Street to Willoughby Street.
The federal stimulus money will cover the retail first phase of the project. The mixed retail space/residential project is expected to create 328 construction jobs and 108 permanent jobs.
This first phase will include at least three retailers and is expected to break ground sometime this year.
The 210,000-square-foot residential second phase, which the developer has to finance separately, will include 262 units of housing with 120 set aside for moderate- and low-income residents.
The city’s Public Design Commission must approve the final design as it is on city-owned property.
That approval is expected in April.
