BROOKLYN, NY-City Point is finally underway, commencingconstruction on Phase I of the mixed-use facility in downtownBrooklyn. The site, which anticipates the addition of a small greenspace along with its office, retail and apartment components, willbegin the four-story retail portion of the build.

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The 50,000 square feet of retail at 1 Dekalb will be located onthe Fulton Mall and designed by Cook + Fox and Greenberg Farrow.The project is receiving financing from the city in the form of a$20 million Recovery Zone Facility bond. The bond is being providedthrough the New York City Capital Resource Corp.

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The developer, Acadia Realty Trust and its partners P/AAssociates and Washington Square Partners, anticipate the Phase Iconstruction to complete in 18 months. The space is not pre-leased,but Acadia says it is in "active conversations" with local andnational retailers. According to Acadia, there is no set askingbid, nor is the space divided into store size at this time.

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Phase II, which will boast 500,000 square feet of retail andresidential space has no set timeline and Acadia tells GlobeSt.comit will depend on market demand, noting that it could be larger ifthe market allows. However, going on market demand, there is no setdate to being construction on the monstrous second phase.

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