Construction on the first phase of City Point, a mixed-use project in Downtown Brooklyn has begun in large part to a $20 million tax exempt bond issued through the New York City Economic Development Corporation.

Rendering courtesy of Cook + Fox Architects

The first phase of the $24 million City Point project consists of a 50,000-sq-ft, four-story, retail building.

The bond will cover most of the $24 million project which will transform approximately 1.5 million sq ft of the Fulton Mall into a combination of retail and commercial space as well as affordable and market-rate housing. The first phase of the project consists of a 50,000-sq-ft, four-story, retail building designed by Cook + Fox and Greenberg Farrow of New York and will be the first new building to be built on the Fulton Mall in decades. ACRS, Inc. of White Plains, NY will serve as the construction manager on the project.

The City Point project is owned by Acadia Realty Trust of Whit Plains, New York who is currently working to make sure that local, minority-owned, and women-owned firms are included in the construction process. Acadia is also working with Workforce One and the Downtown Brooklyn Partnership so that local residents cam benefit from the permanent job opportunities.

Construction on this project is expected to be completed around January 2012.