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Thread: City Point - Downtown Brooklyn - by Greenberg Farrow

  1. #1

    Default City Point - Downtown Brooklyn - by Greenberg Farrow

    Job application filed for new building.

    http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

  2. #2
    Forum Veteran Tectonic's Avatar
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    Seeems like the size was reduced. '16 stories'.

  3. #3

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    I think that application is only for the mall portion, If you look at the building type on the app it says mercantile and doesnt list any dwellings...compare the height number with the rendering and that seems about right.

  4. #4

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    An acadia realty trust earnings call recently had the following to say aobut the project -- mentions delay, not downsizing:

    "As I mentioned earlier on the call, the debt markets for construction financing are highly illiquid, especially for loans over $50 million or so. In our pipeline, the one development that clearly falls into this category is City Point in Downtown Brooklyn and even in this case there maybe counterbalancing benefits with potential reductions in cost of construction, offsetting the cost of delay or increased capital costs. In fact, a 5% decline in construction costs should fully offset a one-year delay in the project assuming our current carrying costs.

    Furthermore, it's very possible; in fact, it's likely that costs savings could be well in excess of 5%. But this might be offset by increased debt cost or potentially weakening fundamentals, nevertheless given the unique location, the fact that we have Target as our retail anchor and strong interest from other retailers, we wouldn't be surprised that our patience and persistence could be well rewarded in City Point."

    http://seekingalpha.com/article/1050...script?page=-1

  5. #5

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    This is only the first phase.

    The second phase contains the residential portion.

  6. #6
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    Another Target so close to Atlantic Terminal? Hopefully this will be more upcale than that Targhetto.

  7. #7
    Forum Veteran Tectonic's Avatar
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    Nope it will be the same, a Target.

  8. #8

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    Target's profits, thank the Lord, are way down this quarter. Keep your fingers crossed, and maybe they'll decide not to build this store and further feed the addiction of Brooklyn's working classes to crappy goods inevitably sourced from China and doing their best to exacerbate the US's massively unsustainable trade deficits.

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    I'd have to agree with you on that. Brooklyn is in dire need of upscale shopping and a central shopping district with the apeal of any number of Avenues n Manhattan: Ladies Mile, Fifth Avenue, Broadway (SOHO), 34th Street. Fulton Street does not have diversified retail, although it is an economic engine for the area catering to urban, black shoppers.

    When I shop, I go to Manhattan. I'd rather spend my money locally.

  10. #10
    Jersey Patriot JCMAN320's Avatar
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    All Brooklyn has in any terms of decent retail is Fulton Mall and Atlantic Terminal Mall and Kings Plaza Mall. It's many main comerical drags have seen better days similar to other urban centers in US.

  11. #11

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    I'd love to agree with you on shopping locally. Recently, however, shopping for a closet organizer I found the same rubbermaid unit for $35 at my local mom and pop, and identical one at Target for $17.

    Shoot, I'm liberal, but I'm not stupid.

  12. #12

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    the target at atlantic is terrible
    its always mad crowded and the shelves are always completly empty.

  13. #13
    Kings County Loyal BrooklynLove's Avatar
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    Target at Queens Center is way worse. But both are benign compared to the Cuck E Cheese at Atlantic Center.
    Last edited by BrooklynLove; December 8th, 2008 at 12:54 PM. Reason: typo

  14. #14

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    FG/CH News

    February 19, 2010, 5:24 pm

    CB2 Endorses New Fulton St. Shopping Center

    By DANIEL DOYLE

    Daniel Doyle
    Architects presented a model of City Point, a proposed shopping center on the Fulton Street Mall.

    With the recession chilling new development in the area over the last few months, light agendas and sparse attendance at Community Board 2’s Land Use Committee meetings have been the norm.

    But nearly 40 people attended Wednesday’s meeting, many of them involved with City Point, a proposed residential, retail and office complex planned for the old Albee Square Mall site. The committee approved the first phase of the project: a four-story retail space with adjacent public grounds roughly a block inside the Fulton Street Mall’s eastern gateway, across Flatbush Avenue from Fort Greene.

    Rick Cook, from Cook + Fox Architects, along with Paul Travis, the City Point Joint Venture principal, detailed some of the aesthetics for their proposed building, and said their goal is to create an affinity with the nearby building that once housed the Dime Savings Bank.

    The proposed building is decisively modern, but the architecture firm has made an attempt to craft a design compatible with its neo-classical neighbor. The old Dime features a dual-shaded stone, giving it a textured look. Cook said the shopping center’s exterior, clad in “polychrome terra cotta with a glazed and honed finish,” will follow suit. The developers hope the planned public space with seating and trees – dubbed Albee Square to memorialize a past site occupant, the Albee Theatre – will welcome pedestrians into the district.

    Daniel Doyle
    The CB2 Land Use Committee meeting was unusually crowded Wednesday evening.

    The retail plan is just the first part of a much larger project that is slated to include a residential tower and ultimately cover a parcel bounded by Willoughby Street and Flatbush Extension to the north, Fleet Street to the east, DeKalb Avenue to the south, and Gold Street/Albee Square West to the west.

    Mr. Travis addressed some fear in the room that the shopping center’s multi-story interior would become a vertical mall, an urban concept that has no shortage of opponents. Every establishment will have its own entrance from street level, he told the crowd.

    Federal stimulus funding from the American Recovery and Reinvestment Act will float $20 million in tax-exempt bonds of the roughly $29 million in investment needed to finance the construction of the shopping center, Mr. Travis said.

    Office, residential, and additional retail space will round out the development, amounting to an expected 1.5 million square feet. Until the market recovers enough to attract serious investment for the remaining portion of the site, there are plans to locate shipping containers there. Mr. Travis discussed plans to reimagine the containers’ use, putting markets and workshops inside their cavities. He pointed to other examples of “adaptive reuse” of shipping containers, including the portable exhibit “Puma City.”

    Though committee members peppered the pair with questions about the project, there was nearly unanimous endorsement for the proposal as they voted to issue a supporting recommendation to the city Public Design Commission.

    New retailers could replace the gaping moonscape that has characterized this lot in the Fulton corridor – a development that some welcome and others might equate with bringing sand to a beach.

    What do you think? Given its proximity to the Fulton Street Mall, is retail the best future use for the property? What stores would you like to see open there?

    http://fort-greene.thelocal.nytimes....opping-center/

    Copyright 2009 The New York Times Company
    Last edited by brianac; February 23rd, 2010 at 04:26 AM.

  15. #15
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    This is a horrible idea and looks like an equally horrible design. It's simple rebuilding that crap Albee Mall/Galleria. This will be a monument to follie. It does nothing for the Fulton Business District and adds nothing to down town. Absolutely terrible.

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