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Development on a massive, long-planned ice skating complex in the Bronx could start next year, with Citibank reportedly agreeing to finance construction.
Former Deutsche Bank executive Kevin Parker has joined with former New York Rangers captain Mark Messier to hatch a plan to turn the Kingsbridge Armory into a center featuring nine rinks and a 5,000-seat stadium.
Now, Citibank has agreed to provide a construction loan for the first part of the project, Crain’s New York Business reports. The first phase of development is pegged at $350M.
"Citibank is committed to doing the first phase of the project," Parker told Crain’s. "And they've indicated a strong desire to finance the second phase. But we're going one step at a time."
The first step will be building the first five of the nine rinks, Parker told the publication. He said the group, Kingsbridge National Ice Center, has also $35M in private financing. Bauer, a hockey equipment company, is one of the investors.
The Bronx has seen significant change in recent years. It is largely dominated by subsidized apartment developments, but many say market-rate housing is not far off. Brookfield is paying $165M to Chetrit Group and Somerset Partners for a massive development site in the Bronx, a move that some believe has the chance to completely reshape the future of the borough.
There has also been more talk about New York City Football Club's plans to build its much-anticipated soccer stadium in the South Bronx. Bisnow's Bronx State of the Market event will take place Thursday morning at the Bruckner Building.
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