City Point Project gets green light for stimulus funds

The city’s Board of the New York City Capital Resource Corporation (NYCCRC) last week gave a final green light to a $20 million infusion of federal stimulus funds to get the long-stalled City Point Tower project started.

The developers, Albee Development LLC, is a consortium of PA Associates/Acadia Realty Trust/McFarlane Realty.

City Point will be located at the old Albee Square Mall site where DeKalb Avenue meets the Fulton Mall just west of Junior’s Restaurant.

The federal stimulus money will cover the retail first phase of the project. The mixed retail space/residential project is expected to create 328 construction jobs and 108 permanent jobs.

This first phase includes a 184,000-square-foot retail space, which is scheduled to break ground sometime this year.

The 210,000-square-foot residential second phase, which the developer has to finance separately, will include 262 units of housing with 120 set aside for moderate- and low-income residents.

Albee Development spokesperson Tom Montvel-Cohen said the company has new renderings of the site and submitted them to the city’s Public Design Commission which is expected to approve them in April.

“We can’t release the renderings until they are approved and certainly don’t want to show something to somebody that is subject to change,” said Montvel-Cohen.