This is great news for Related. It's much more positive than its other recent news when it announced it was postponing construction of the second phase of its CityNorth project in Arizona by a year.
Still, overall Related has some really interesting projects in the works when you consider this deal with CityNorth and its massive Grand project in Los Angeles. Add to that TimeWarner Center in New York and you're talking about an impressive collection of urban mixed-use projects.
The Kingsbridge Armory, once the world's largest military drill hall, will be turned over to a private corporation for a $310 million makeover into a massive retail center intended to jumpstart the North Bronx economy, city officials are announcing today.
Manhattan-based Related Companies won the project, ending a frustrating 12-year effort to find a new use for the historic armory, which was turned over to the city by the National Guard amid military cost-cutting and the escalating expense of repairing and maintaining the huge structure.
Under Related's plan, the 575,000-square-foot site will become home to an "anchor" department store, up to 35 smaller shops, a number of restaurants and a movie multiplex.