Q&A
Council Member Sanchez inquires about Kingsbridge Armory redevelopment costs
0:15:40
ยท
94 sec
Council Member Pierina Ana Sanchez discusses the funding secured for the Kingsbridge Armory redevelopment project and inquires about the estimated total development cost. Michelle Lamberti from the New York City Economic Development Corporation responds with current cost projections.
- The project has secured $200 million in funding: $100 million each from the state and city, with nearly $15 million from the city council and borough president.
- EDC's analysis from June 2023 estimates a budget of up to $500 million for a generic redevelopment of the armory building.
- The high cost underscores the importance of securing additional funds, including the grant under discussion.
Pierina Ana Sanchez
0:15:40
Yeah.
0:15:40
Thank you, chair Riley.
0:15:42
I I I just did wanna highlight for colleagues that, this is a very expensive redevelopment as EDC has mentioned, but we do have $200,000,000 secured, a 100,000,000 committed from the state, and a 100,000,000 committed from the city.
0:15:55
And the city council, we have put in, nearly $15,000,000 at this point, together with the with the borough president.
0:16:02
So we're we have the strongest foundation, that we've ever had for an attempt to redevelop the Kingsbridge armory, but it's very expensive, and and we need more.
0:16:12
So it's it's very important to be able to secure these funds.
0:16:16
And I guess my question for EDC would be, do you have an estimate, that you could share at this stage of, you know, what what total development cost could look like could look like at at this stage, at this time around?
0:16:32
And if you don't have an estimate because, projects that are that have been proposed or have been so different, could you tell us what the total development cost was estimated to be in the in the last redevelopment proposal, for the ice skating rinks?
Michelle Lamberti
0:16:47
Sure.
0:16:47
Of of course, council member.
0:16:48
And I'd say, on a separate analysis that we completed that was completed on behalf of EDC in June of 2023, projected an estimated budget of up to 500,000,000, and that was for a generic redevelopment of the armory building.
0:17:01
So as you point out, council member, it is it is a very expensive project.
0:17:05
We are really grateful for city, state city council funds that have been committed but are looking for every dollar we can get.
Pierina Ana Sanchez
0:17:12
Great.
0:17:13
Thank you so much.