Brooklyn’s CityPoint development is speeding along, with work on the soon-to-be transformative project well into the second phase. The first element of the development to be completed was a 50,000 square foot retail component, which hosts an Armani Exchange.
Phase II is much more comprehensive, and will include 600,000 square feet of retail space; an enormous addition to Downtown Brooklyn, and an impetus that will make a major difference in the revitalization of the entire Fulton Mall. With so much prime retail coming online, the neighborhood is on the verge of a major transition, and CityPoint will lead the way. The development has the potential to become the Time Warner Center of Brooklyn, completely revitalizing and further energizing the vicinity.
While new residential towers have been sprouting in recent years – and will continue to do so – the addition of more retail space is the key to Downtown Brooklyn’s success, as the area remains somewhat desolate outside of working hours. With the addition of quality space that will cater to higher-end stores, gentrification of the neighborhood is about to undergo rapid acceleration; in terms of impact, CityPoint may be just as crucial as Barclay’s Center in transforming DoBro. Like Barclays, CityPoint is revitalizing a formerly barren block – unlike Barclays, CityPoint will provide a much steadier flow of enhanced pedestrian traffic, a key ingredient in enlivening Fulton Mall.
Beyond the retail, CityPoint’s second phase will also give rise to two new residential towers – per The Brooklyn Eagle, they will rise 19 and 30 stories, and contain a total of 690units. The final phase, which has yet to begin construction, will likely yield Brooklyn’s new tallest tower – though plans remain preliminary. The project’s developers are Acadia Realty Trust and Washington Square Partners.
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