The Kingsbridge Armory is one step closer to a new future after decades of vacancy.

The City Council approved a transformational redevelopment plan that has an estimated $2.6 billion economic impact for the Bronx.

The project is backed by the city, the state, the New York City Economic Development Corporation, 8th Regiment Partners and the Northwest Bronx Community Clergy Coalition.

The armory, built in the early 1900s and once a training site for soldiers, has long stood as a symbol of potential and disinvestment in the Bronx.

"This Kingsbridge Armory redevelopment brings $375 million of direct investment into the people as well as $2.6 billion in economic impact to the Bronx. That's what starts to turn around the same sad stories of tragedies that we've heard and starts to bring us in the direction of positive change," said Councilmember Pierina Sanchez.

The redevelopment will roll out in two phases. The first will establish a state-of-the-art event and recreation venue, along with cultural, commercial and light manufacturing space, and more than 25,000 square feet of community space. A later phase will add up to 500 units of permanently affordable housing adjacent to the armory.

The Kingsbridge Armory redevelopment is backed by a $200 million investment by Mayor Eric Adams and Gov. Kathy Hochul, $3 million from Bronx Borough President Vanessa Gibson, $12 million from New York City Councilmember Pierina Sanchez and a $1.05 million grant from the U.S. Department of Housing and Urban Development.