City Point / Albee Square Mall Tower
Albee Square Mall has been sold for $125 million, and the new owners plan to build 1,000 rental units -- 20 percent of which would be for moderate income tenants. Underneath this giant apartment complex, which will become one of the tallest buildings in Brooklyn, will sit three stories of office space and four stories of new retail. The plans call for a million square feet of retail space, up from 50,000; and about 125,000 square feet of Class A office space.
All of this can be done as of right, given the downtown Brooklyn upzoning passed by the city council in 2004. The City’s Industrial Development Agency approved $3.2 million in tax breaks related to the sale for the new owners, a coalition including a nationally prominent firm, MacFarlane Partners of San Francisco. In the fall of 2009, the project received $20 million in federal stimulus dollars. The money will be funneled into tax exempt bonds. The new zoning allows more than 1 million square feet of development on the site. The City owns the land under the mall and a tentative deal calls for the new owners to pay $28 million in rent over the next four years.
While the City promises that the development will provide hundreds of jobs and affordable housing, opponents are fearful that a "big-box chain" such as Wal-Mart might enter the retail section of the development and further question the use of subsidies on the valuable piece of land. In late 2009, a representative from Albee Development LLC, the project developer, announced that City Point will have three to four floors of retail space and 12 to 13 floors of residential space. Additionally, of the 240 planned residential units at the site, 120 units will be sold at market rate, 72 units will be set for middle-income homeowners, and 48 units will be designated for low-income housing. Plans for the City Point project will next be submitted to the Public Design Commission for approval in April and Albee Development LLC hopes to break ground on the project in 2010.
Last Updated: March 30, 2010
This development is closely interlinked with:
Downtown Brooklyn Rezoning & Development