One Less Stalled Development in Downtown Brooklyn

City Point, the major development proposed for Albee Square in Downtown Brooklyn, has received its preliminary allocation of $20 million in triple-tax exempt bonds from the federal stimulus program and will restart construction in early spring, according to the Brooklyn Eagle.

According to NYC's EDC, the bonds will be issued on Feb. 17, 2010. (The project was originally slated to be completed in 2010.)

That makes one less stalled development in Brooklyn, Land of the Frozen Construction Project.

The complex will now be built in two phases, according to the Observer.

Rendering courtesy of architects GreenbergFarrow

- More Changes Coming to Downtown Brooklyn (2009)
- Brooklyn's Municipal Building Facade Rehab Underway (2009)
- Brooklyn 2012 Video, In Celebration of City Point (2008)
- Brooklyn Office Building Slows, But Albee Square Mall Is Coming Down (2007)
- Brooklyn's City Point Compared to Time-Warner Center (2007)
- RIP Albee Square Mall (2007)
- Fulton Street Mall to get Quite the Overhaul (2007)


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