The New York City Council voted to approve a redevelopment proposal and 500 units of affordable housing for the Kingsbridge Armory and surrounding neighborhood in the Bronx. The project is expected to generate $2.6 billion of economic activity.
“The Council is proud to have approved the redevelopment of Kingsbridge Armory, so the historic site can better serve the Bronx community for generations to come,” said Speaker Adrienne Adams. “The redevelopment will bring 500 permanently affordable homes and new opportunities to the Bronx, including a community facility and cultural space, office space and a 17,000-person live event venue.”
Council approval will activate $215 million in public investments committed in the onset of this process, a Community Benefits Agreement valued at $130 million between the selected developer and more than 30 local organizations—including a first source hiring policy that requires an exclusive 30-day hiring period for Bronxites, and robust enforcement mechanisms—and an estimated $30 million of additional neighborhood investment from the City of New York.
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