BY: NIKOLAI FEDAK ON FEBRUARY 25TH 2014 AT 1:00 PM
Phase III remains elusive, with details unconfirmed; the site may host the tallest tower in Brooklyn, and early renderings depicted a skyscraper that would soar over 700 feet in height. An on-site rendering — placed where phase III would ultimately rise – possibly reveals the borough’s tallest tower.
City Point — possible rendering of phase III
No date for the commencement of phase III has been announced, but the entirety of the site will likely be built-out before 2020.
Gary Barnett‘s Extell Development Company is slated to develop residential units in what marks phase three of City Point, the mixed-use development in Downtown Brooklyn, Commercial Observer has learned.
The development deal, which is in the contract stage, represents Mr. Barnett’s first foray into Kings County. The prolific developer is undecided about whether the project will be a rental or a condominium, sources close to the deal said, but no affordable housing has been included in the plans.
City Point is a 1.9-million-square-foot residential, retail and office development rising in Downtown Brooklyn. Phase three is comprised of a residential tower that sits atop the retail and office podium. The residential component is due for completion by 2020, according to a spokeswoman for developer Washington Square Partners, and the retail and office components are set for completion in 2016. The first phase of a 50,000-square-foot retail building, One DeKalb, was completed in February 2012.
…The third and tallest tower onsite has yet to take shape, with another of the city’s prolific real estate companies potentially in the mix to make its first entrance to Brooklyn. But speculation has abounded, with reports circulating that the building could supplant other new towers in the area as the tallest building in the borough. CO reported in September that Gary Barnett’s Extell Development Company is in contract to build the third tower, but representatives for the company declined to comment on the development rights purchase.
The projects’ partners declined to confirm or deny the arrangement, saying, “Phase 3 does not need to start construction until 2017, so we have a little time before we need to start the development process.”
Gary Barnett’s Extell Development unveiled new details about its mixed-use tower at 138 Willoughby Street in the City Point expansive development, as well as a new rendering.
The massive 59-story Downtown Brooklyn building will be home to 450 condominium units in 466,000-square-feet of residential space, along with four stories of retail.
Extell predicts that the condos will sell out for $838 million and the retail space for $33 million. This Kohn Pedersen Fox- designed tower will cost $574 million to develop.
Together with 9 DeKalb, this is going to transform DoBro into the equivalent of a major city’s skyline in its own right, almost on the scale of Downtown LA or Seattle…!!!
Yeah! This will be cool. If they start sooner than 340 flatbush it could top out and be tallest in brooklyn for a short while. Of course being Barnett we wont know too many details I guess.
Given the issues Extell is already having with CPT, I’m not sure if Barnett has enough $ to get this going just yet. Though obviously the projects cater to completely different demo’s and the oversaturation on 57th is probably worse than DoBro which is still largely untapped (and units up top here would have unrivaled views).
