Kingsbridge: A Vision for the Bronx Takes Shape

Deal News | Jan 07, 2025 | New York City Economic Develop

Kingsbridge: A Vision for the Bronx Takes Shape

The New York City Economic Development Corporation (NYCEDC) in collaboration with city, state, and federal officials, announced plans for El Centro Kingsbridge - a transformative redevelopment of the historic Kingsbridge Armory in the Bronx. Managed by 8th Regiment Partners LLC, the project's first phase will include event spaces, sports fields, cultural, commercial, and community areas, with a second phase offering 450 units of affordable housing. Backed by a $215 million investment, the development is expected to bring significant economic impacts, including the creation of over 3,000 construction jobs and 360 permanent jobs. The initiative is part of a broader city effort to enhance economic opportunities and community development. Multiple public engagements shaped the vision plan for this multi-purpose facility, which aligns with key city objectives for sustainable neighborhood improvement.

Sectors

  • Urban Development
  • Government and Public Affairs
  • Real Estate Development

Geography

  • United States, New York – The Kingsbridge Armory project is located in the Bronx, part of New York City, necessitating local investment and government involvement.
  • Bronx, New York – As the location of the Kingsbridge Armory, the project's primary impact will be on the Bronx community, offering local economic and social benefits.

Industry

  • Urban Development – The Kingsbridge Armory project involves significant urban planning and development efforts, with wide-ranging implications for community infrastructure.
  • Government and Public Affairs – This initiative involves coordination among city, state, and federal governments, reflecting extensive public sector involvement.
  • Real Estate Development – The project focuses on transforming the Kingsbridge Armory into a mixed-use development, involving real estate and construction activities.

Financials

  • $215 million – Total investment from city, state, and federal sources for the redevelopment of Kingsbridge Armory.
  • $2 million – Investment contribution from Bronx Borough President Gibson.
  • $12 million – Investment from Councilmember Sanchez towards the project.
  • $1.05 million – Grant from the U.S. Department of Housing and Urban Development, supporting the project through Representative Espaillat.
  • $2.6 billion – Projected economic impact over 30 years from the Kingsbridge Armory redevelopment.
  • 3,000 construction jobs, 360 permanent jobs – Jobs created as a result of the Kingsbridge Armory project.

Participants

NameRoleTypeDescription
New York City Economic Development Corporation (NYCEDC)Project LeadCompanyA nonprofit organization responsible for economic growth initiatives in New York City.
8th Regiment Partners LLCDevelopment TeamCompanySelected as the lead development team for the Kingsbridge Armory project.
Mayor Eric AdamsGovernment OfficialPersonMayor of New York City, supporting the redevelopment initiative.
Governor Kathy HochulGovernment OfficialPersonGovernor of New York, involved in state-level support for the project.
U.S. Representative Adriano EspaillatGovernment OfficialPersonFederal representative supporting the project with resources.
Borough President Vanessa GibsonGovernment OfficialPersonBorough President of the Bronx, advocating for local community interests.
Councilmember Pierina SanchezGovernment OfficialPersonLocal council member, co-chairing the community visioning process for the project.