According to Empire State spokesperson Maura Gallucci, developer for the project, estimated at $50-million, has not yet been selected. But high on the list is the Seventh Regiment Conservancy. "The Conservancy was formed with the sole purpose of going ahead with this project," Gallucci tells GlobeSt.com. "They are proposing a full restoration of the armory, which is required, as the structure is landmarked inside and out."

The state will not sell the building, which has been run for 50 years by the New York State Division of Military and Naval Affairs, and will place its management and fiscal affairs in the Conservancy's hands. The Conservancy plans to restore the Armory's interior and exterior, modernize its electrical, HVAC and mechanical systems and repurpose it as a visual and performing arts center. Flexible, storable seating for the 55,000-SF drill hall will accommodate up to 4,000.

"They will operate the facility for civic purposes, using the revenue generated for upkeep and reinvestment in the facility itself," says Gallucci. The Conservancy's bid came in last summer. "It's a very attractive proposal. We're doing our due diligence, but we're looking very favorably on it."