City Point Bailed Out

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Brownstoner

The stalled Downtown Brooklyn megaproject that the Albee Square Mall was demolished to accommodate will be able to use $20 million in tax-exempt bonds. That makes City Point one of the first developments to get a grant from the federal stimulus bond program. The bailout revives the project at Fulton and Flatbush, or at least a piece of it. The first phase will consist of oodles of retail and 120 units of affordable housing, with a scheduled March 2014 completion. The rest of the the DoBro gamechanger is still up in the air. [Crain's]

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