Related's concept for the landmark armory, known as the Shops at the Armory, calls for destination anchor retail development, coupled with specialty and local retail, restaurants, a cinema and community space, according to the New York City Economic Development Corp., which selected Related for the project in April 2008. Other proposed features include a recreational facility, catering and banquet space, outdoor open space with a seasonal farmers' market and café and parking for 400 cars. The project is expected to create 1,200 permanent jobs and more than 1,000 construction jobs.

In a statement, Mayor Michael Bloomberg calls the armory "one of the city's historical treasures, but it has been long underutilized. After years of hard work and community involvement, we are now moving forward with a plan to bring the Armory back to life and bring new jobs and shopping opportunities to Bronx residents."

He adds that "the continued input" from the Kingsbridge Armory Redevelopment Task Force and Advisory Committee, combined with Related's commitment of more than $300 million in capital to acquire and redevelop the property, "is a great example of what can be accomplished when the public and private sector collaborate. We look forward to continuing to work with the advisory group, the local community board, the borough president, the City Planning Commission and the City Council as the project goes through the public review process."