The Northwest Bronx Community & Clergy Coalition (NWBCCC) has reached a milestone agreement with 8th Regiment Partners to own 20% of the Kingsbridge Armory, a significant development in Bronx history. Under this deal, NWBCCC will have control over 125,000 square feet for affordable manufacturing and a community hub, both intended to benefit local businesses and workforce initiatives. This arrangement highlights a successful push for community involvement, aiming for sustainability amid previous failed projects, and aims to serve the borough with long-term affordable solutions within a historic site.
Under a memorandum of understanding, both condos have 99-year leases, ensuring long-term community benefits and affordability in a significant Bronx landmark redevelopment.
NWBCCC's agreement grants ownership of 125,000 square feet of the Kingsbridge Armory, offering vital space for affordable manufacturing and community services.
The partnership signals a major shift in development practices in New York City, emphasizing the inclusion of community ownership from the project's inception.
"We believe it's a game-changer for development in New York City," said NWBCCC's executive director, citing extensive community involvement in the planning process.
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