The Real Deal New York

City extends deadline for Kingsbridge Armory developer

EDC gave Mark Messier-led firm another month show funding is in place

March 30, 2016 10:30AM

Kingsbridge Armory in the Bronx

Rendering of a revamped armory at 29 West Kingsbridge Road in the Bronx

The city granted developer Kingsbridge National Ice Center a month reprieve.

The developer, led by New York Ranger legend Mark Messier and Kevin Parker, wants to transform the former Kingsbridge Armory in the Bronx into a 750,000-square-foot complex with nine ice rinks, an arena, and community and wellness centers, and needed to show the city it had $158 million for the first phase of the project.

The city’s Economic Development Corporation owns the site’s lease and will not turn it over until the funding is place. In October 2014, Kingsbridge National Ice Center signed a 99-year lease with the city.

“NYCEDC offered to extend the deadline for our escrow agreement with the Kingsbridge National Ice Center in order to give them additional time to secure the financing and documentation necessary to move ahead with this project,” agency spokesman Anthony Hogrebe said in an email, Politico reported.

The Empire State Development Corp. pledged $138 million for the project and the developer argues that promise should be should be enough to release the lease from escrow, according to Politico. The rest of the funding is coming from other sources, according to Politico.

“Delivery of the lease is all that remains before Kingsbridge can move forward with construction,” William Brewer, an attorney for the developer, told Politico.

The Empire State Development Corp. approved $30 million for the project, which is expected to cost $350 million in total, according to Politico.

“ESD remains committed to supporting the Kingsbridge National Ice Center, which will create 400 jobs and return a long-vacant building to use,” a spokesperson said in response to Politico’s questions about the funding committment.

The state’s Public Authorities Control Board approved a $15 million loan for the project at its January meeting. [Politico]Dusica Sue Malesevic

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