City Point (2012), Brooklyn, NY

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COMMUNITY IMPACT

The City Point project (City Point) is a three-phase development of a LEED Silver, 1.8 million gross-square-foot retail and residential complex located in downtown Brooklyn, New York. NMTC allocation was utilized in the Phase 2 of development to construct an approximately 649,000 gross-square-foot retail podium. Included in Phase 2 is an 18,000 square-foot, full-service grocery store that is managed by a local operator; and the Brooklyn Market, an 11,000 square-foot market hall that includes local food purveyors. Both provide fresh, healthy food in an area with a lack of grocery store and restaurant options. City Point received broad support from various levels of government as it greatly enhanced the revitalization of Downtown Brooklyn, an area the City of New York has targeted as a key area for economic stimulus. City Point implements major development objectives of the 2004 Downtown Brooklyn Plan and Mayor Bloomberg’s Five Borough Economic Opportunity Plan, including affordable housing, street-scape improvements and high-quality design standards. City Point is also located in an established Food Retail Expansion to Support Health (FRESH) zone, a program created by New York City’s Food Policy Task Force in order to provide financial incentives for doing business in communities underserved by grocery stores and fresh food options. City Point is committed to supporting the local minority workforce and low-income residents by targeting a large percentage of new, permanent jobs to be filled by persons who have an income that is below 200% of the poverty level within their residence zip code, and by hiring a portion of contractor and subcontractor positions to be filled by women and minority employees. Additionally, in Phase 3 of development approximately 647,000 gross-square-feet (240 residential housing units) will be available for rent, with 120 units set aside for low-income persons.

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