Related to Redevelop Kingsbridge Armory

The New York City Economic Development Corp. announced that it has selected the Related Cos. to redevelop the 575,000-square-foot Kingsbridge Armory in the Kingsbridge Heights section of the Bronx. The armory, which occupies a full city block, was built between 1912 and 1917, and features Romanesque arches, vaulted ceilings, decorative brick and terra cotta, and large battlement towers. Related’s plans for the structure, The Shops at the Armory, includes destination anchor retail development, coupled with specialty and local retail, restaurants, a cinema and community space. Other proposed features include a recreational facility, catering and banquet space, outdoor open space with a seasonal farmers’ market and café, and parking for 400 cars. Related plans to invest about $310 million to acquire and redevelop the armory. The project will include 25 to 35 retail stores, rooftop public open space and a landscaped public plaza. Related’s proposal was selected as the result of a Request for Proposals issued by the New York City Economic Development Corp. and the Kingsbridge Armory Redevelopment Task Force, which included city, state and federal elected officials, community representatives and city agencies.  Related will use low-impact development techniques and green building technology, and will strive to achieve at least a LEED Silver rating for the core and shell of the armory, according to a statement released today from the New York City Economic Development Corp. The project must receive a number of approvals in connection with its design, including those required by the New York City Landmarks Preservation Commission and the New York State Historic Preservation Office.  Related has another large redevelopment project in the Bronx, as it is remaking the blighted Bronx Terminal Market into a new retail center, park and esplanade on the Harlem River. The Gateway Center at Bronx Terminal Market is planned to house approximately 1 million square feet of retail space, consisting of four newly constructed multi-tiered buildings, and one building to be restored due to its historical significance. A 250-room hotel is also planned as part of the second phase of the project.