Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Thank you to the following Members who are leading the way in the 2025 RPAC campaign
The Armory was designated as a New York City Landmark in 1974 and placed on the National Register for Historic Places list in 1982.
NEW YORK—City and state leaders hailed the New York City Council’s approval yesterday of the redevelopment plan for the historic Kingsbridge Armory in the Bronx.
New York Gov. Kathy Hochul New York City Mayor Eric Adams, Bronx Borough President Vanessa Gibson, New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball, 8th Regiment Partners, and the Northwest Bronx Community and Clergy Coalition celebrated the New York City Council’s approval of an ambitious plan to transform the Kingsbridge Armory in the Bronx into a thriving, community-centered hub.
The proposal, which was unveiled by Mayor Adams, Gov. Hochul, and U.S. Representative Adriano Espaillat (D-13th District) earlier this year and shaped by the “Together for Kingsbridge Vision Plan,” includes two phases. The first phase will create a state-of-the-art venue space for entertainment, recreational space, cultural and commercial space, light industrial manufacturing space, and over 25,000 square feet of dedicated community space.
The second phase will create approximately 500 units of permanently affordable rental housing adjacent to the armory. Backed by $216 million in city, state, and federal investments, the proposal is expected to add approximately $2.9 billion to the city’s economy.
According to the Bronx Borough President’s Office, the total estimated cost of the Kingsbridge Armory redevelopment is currently $650 million. The proposal is anticipated to create 2,800 construction jobs and 600 permanent jobs.
“Today’s City Council vote marks a major step toward bringing Bronx communities together—creating hundreds of affordable homes, thousands of good-paying, local jobs, and a vibrant community space where neighbors can connect,” Gov. Hochul said. “This project has been decades in the making, and now we’re finally getting it done. The Kingsbridge Armory will remain a cornerstone of the Bronx, driving economic growth and strengthening Kingsbridge Heights.”
New York City Mayor Eric Adams said, “From training troops during the First World War to distributing food during the COVID-19 pandemic, the Kingsbridge Armory has served our city for more than a century; with today’s vote, we begin work on the next chapter in its dynamic history and a brighter future for the Bronx. With hundreds of affordable homes and tens of thousands of square feet of commercial, community, and manufacturing space, this ambitious proposal will give the Bronx vital space to work, live, and come together. Other administrations have talked about transforming this space; our administration got it done.”
The Kingsbridge Armory opened in 1917 and was used by the United States military until 1994 before reverting to city ownership in 1996. The Armory was designated as a New York City Landmark in 1974 and placed on the National Register for Historic Places list in 1982. Over the last decade, the Kingsbridge Armory has served as an emergency supply and food distribution center following Hurricane Sandy, during the COVID-19 pandemic, and after the tragic Twin Parks fire.
Bronx Borough President Vanessa L. Gibson added, “With the reimagining of the Kingsbridge Armory, we will see affordable housing opportunities, good-paying union jobs with pathways to the middle class, recreational space for youth and families, support for small businesses, and a true commitment to equitable economic development in the Bronx that we have not seen for decades…The redevelopment of this landmark in the heart of the Northwest Bronx stands as a testament to our shared commitment to driving unprecedented investment back into our borough, while fulfilling the blueprint outlined in the Together for Kingsbridge Vision Plan.”
In June 2025, building on the winning proposal, Regiment Partners and NWBCCC announced an unprecedented collaborative agreement with the development team to join the project and help maximize community input and ownership. The agreement commits to maintaining high environmental standards and emphasizes community ownership by establishing a Community Council, co-convened by NWBCCC. This council will provide ongoing input on tenant mix, programming, and additional strategies for community investment. Additionally, a Community Benefit Fund, funded through project revenue and governed by the Community Council, will support long-term local investments in initiatives aimed at wealth-building and community ownership. A Memorandum of Understanding was signed in June between NWBCCC and 8th Regiment Partners, a joint venture of Maddd Equities and Joy Construction.
The first phase of the redevelopment is centered around the 180,000-square-foot column-free Drill Hall within the Armory and will consist of a mixed-use development with a state-of-the-art venue space, recreational space, cultural and commercial space, and over 25,000 square feet of dedicated community space. Phase one is expected to break ground in 2026 and be completed in 2030.
Phase two consists of the redevelopment of the adjacent National Guard site, which will create up to 500 units of permanently affordable rental housing adjacent to the Armory, expected to be completed in 2032.
The Kingsbridge Armory redevelopment is backed by a $200 million investment by Mayor Adams and Governor Hochul, $3 million from Bronx Borough President Vanessa Gibson, $12 million from New York City Councilmember Pierina Sanchez, and a $1.05 million grant from the U.S. Department of Housing and Urban Development with the support of Representative Espaillat. The construction will be executed under a Project Labor Agreement, ensuring fair wages and benefits for construction workers.
Blackstone Real Estate Debt Strategies provided the financing, the proceeds of which will be used to retire existing debt and fund future leasing activity.
“Over the past two years, it has been an extraordinary privilege to serve this remarkable association and its dedicated members. Together, we have made significant strides to strengthen HGAR’s foundation and prepare it for the future…”
Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units with condo-quality finishes and an average unit size of 977 square feet.
As inventory inches up and prices continue to rise, more households are being locked out of homeownership and pushed into rental markets that cannot keep up.
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