THE BRONX - The Kingsbridge Armory will officially be transformed into the largest indoor ice skating complex in the world.

Mayor Michael Bloomberg announced a $250 million makeover plan after years of debate among elected officials and community members over what should happen to the massive dormant structure.

The project includes a series of indoor ice rinks, an outdoor rink and 12 stores. It's all expected to create nearly 500 jobs.

Officials say many Bronx public schools will get free ice time for students once the project is complete, and there's talk that it could be used as a practice site for the Islanders once they move to Brooklyn.

Developers say it will be completed in 2017.

For more from Mayor Bloomberg, watch the clip to the left or click News 12 Extra on Optimum TV channel 612.