NAPLES, FL- Acadia Realty Trust will build a $120 million, 1.6-million-sf, mixed-use complex called “The Center at Albee Square” in downtown Brooklyn in a venture that could bring the highest residential building to that New York City borough.

Kenneth F. Bernstein, president and CEO of the White Plains, NY-based real estate investment trust, told participants at the Citigroup 2007 Global Property CEO Conference in Naples, FL that hearings on the project are expected to begin within 30 days.

Calling the hearings “a major hurdle” to the project, Bernstein said Acadia plans to move quickly with construction once the city grants approval.

“They’re very focused that this gets done correctly,” Bernstein said of city officials. “On the political side, we do a lot of homework,” he added. “That doesn’t mean you don’t have political risks. Assuming you cover the bases, that you do things thoughtfully, New York City can be, in some ways, a more straightforward place to develop.”

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