8th Regiment Partners, a joint venture of Maddd Equities and Joy Construction, was selected to redevelop and operate the Kingsbridge Armory, a 570,000-square-foot historic site in the Bronx, New York, and one of the largest armory buildings in the world.
According to Bisnow News, the companies will receive $200 million from the city and state governments, along with additional funding from local and federal grants, to redevelop the property in two phases. The first phase will turn the decommissioned military space into El Centro Kingsbridge, a mixed-use facility with 25,000 square feet of community space, along with an event venue, educational space for workforce development and sports fields. The second phase will see the construction of 450 permanently affordable rental units adjacent to the armory.
The city government predicts the redevelopment will generate nearly $2.6 billion in economic impact over the next 30 years while creating over 3,000 construction jobs and 360 permanent jobs.
The armory opened in 1917 and was used by the New York National Guard during the two World Wars; it was decommissioned in 1996 and returned to the city. The building has experienced a diverse history – it was offered to the United Nations as a temporary headquarters in the late 1940s and was briefly a homeless shelter in the 1980s. It also hosted boxing matches, dog shows and served as a makeshift studio for film and music video production. A proposal to create the world’s largest ice rink complex within the armory was floated in 2012 but came to naught. The property was designated as a New York City Landmark in 1974 and was added to the New York State and the National Register of Historical Places in 1982.
“This is a wonderful example of a public-private partnership that will revitalize one of the most unique and historical buildings in New York,” said Maddd Equities Principal Gabriella Madruga. “We are humbled to be the stewards of a property and a project that will leverage New York’s rich historical past to create an exciting and dynamic future.”
“We look forward to bringing our experience to help execute the vision for the Armory while continuing to work with the local community, the elected and government officials and the trades council to create jobs and to deliver a product we can all be proud of,” added Joy Construction Principal Eli Weiss.
Photo: Caleb Long / Wikimedia Commons
