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February 24, 2007
Developer Strikes Deal for Brooklyn Mixed-Use Project Site
Commercial Property News joins the club of media outlets mislabeling Prospect Heights as Downtown Brooklyn:
Taking a step toward a major Brooklyn mixed-use project, a development team of Acadia Realty Trust, P/A Associates, and Paul Travis of Washington Square Partners confirmed today that it has reached a $120 million agreement with New York City to acquire the leasehold interest in two properties slated for the future site of a 1.6 million-square-foot development.The proposed project, dubbed The Center at Albee Square, would be the first major commercial development to move forward since Downtown Brooklyn’s rezoning in 2004, the developers have said. Located at the western end of the Fulton Street Mall area, a major Downtown Brooklyn shopping district, the project would rise on the current site of The Gallery at Fulton Street and an adjacent parking structure.
The Albee Square project would also be a key investment in Downtown Brooklyn, whose largest and most controversial project is Forest City Ratner Cos.’ planned 22-acre, 16-building mixed-use development highlighted by a new sports and entertainment arena.
Posted by amy at February 24, 2007 10:24 AM