We consider a macroscopic two-phase transition model for vehicular traffic flow subject to a point constraint on the density flux. The two phases correspond to light and heavy traffic and their dynamics are described respectively by the Lighthill-Whitham-Richards model and the Aw-Rascle-Zhang model. Their intersection, the so-called metastable phase, is assumed to be non empty. The discrete in time point constraint mechanism, inducing flux limitation at bottlenecks, is explored within this two-phase model.We introduce a new definition of admissible solutions for the Cauchy problem, for which we prove existence and we provide a characterization. In particular, these admissible solutions attain the maximal flux allowed by the constraint whenever it is enforced, which guarantees compatibility of the constructed solutions with the modeling assumption imposed at the level of the Riemann solver. These results rely on the wave-front tracking method and on adaptation of the specific entropies and renormalization properties introduced in Andreainov, Donadello, Rosini, M3AS (2016) while dealing with the Aw-Rascle-Zhang model with point constraint.