New York City Plans World’s Biggest Indoor Ice Facility in Bronx

New York City Plans World’s Biggest Indoor Ice Facility in Bronx

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New York City plans to create the largest indoor ice facility in the world, with a former Deutsche Bank AG (DB) asset manager investing $275 million to turn a vacant Bronx armory into a 750,000-square-foot skating palace.

KNIC Partners LLC, founded by Kevin Parker, a former asset management head at Germany’s largest bank, will transform the Kingsbridge Armory into a center with nine regulation-size rinks expected to attract 2 million visitors a year, city officials said. The first five rinks are set to open in late 2018.

The landmark armory, built between 1912 and 1917, takes up a full city block and has been vacant since 1996. Officials said they expect the development will create 260 permanent jobs and 890 construction jobs in the Bronx, the poorest of the city’s five boroughs.

KNIC Partners will lease the facility for 99 years and direct 5 percent of annual gross revenue, or about $1 million per year, to the city, Tom Corsillo, a spokesman for KNIC Partners, said today in a telephone interview.

“The construction of the world’s largest indoor ice rink facility will create recreational opportunities for millions of visitors and local residents, and most importantly create hundreds of jobs for the local community,” Mayor Michael Bloomberg said in a statement.Bronx Pride

The facility, including a 5,000-seat main rink, will host hockey tournaments, figure and speed-skating competitions, and ice shows. KNIC Partners plans to offer free after-school sports and academic tutoring programs for disadvantaged youth.

“This project is about opportunity, first and foremost, and we are confident the Kingsbridge National Ice Center will become a source of pride for the Bronx and all of New York City for generations to come,” Parker said in a statement.

The development will begin a public and environmental review and is expected to break ground in late 2014, city officials said.

An earlier 2009 plan for the Bronx armory called for Related Cos. LP to redevelop the structure into a $324 million retail and entertainment center. The City Council rejected that project after the developer didn’t agree to require retail tenants to pay a minimum wage of $10 an hour. The plan would have created 1,200 permanent and 650 construction jobs in the Kingsbridge neighborhood of the Bronx, Bloomberg said at the time.

The mayor is the founder and majority owner of Bloomberg News parent Bloomberg LP.

To contact the reporter on this story: Michelle Kaske in New York at mkaske@bloomberg.net

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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