The Kingsbridge Armory has stood between Reservoir and Jerome Avenues for more than a century. The National Guard vacated it years ago, and since the city took over ownership in 1996 — with exception of occasional film shoots — it has sat empty.

Now, elected leaders say the long-neglected space will be developed into affordable housing, commercial space and sports fields under the name: El Centro Kingsbridge.

After several years of community engagement, Mayor Eric Adams and Gov. Kathy Hochul announced Tuesday the selection of a developer.

On Wednesday, longtime residents of the neighborhood said they are excited to see the change.

“I feel like it is going to be good for the children and also to bring new lives over here,” resident Erica Rivera said.

“I think it is cool. I think it is very much needed. It has been here for years and it has always looked old,” resident Frammy Disla said.

Several plans to develop the site over the years never materialized.

The armory is a New York City landmark on the National Register of Historical Places, and was set to become more than a half dozen ice skating rinks under then-Mayor Michael Bloomberg in 2013. Turning it into a mall was also suggested at one point.

“What is different is that the public sector is going to be investing alongside the private sector,” Andrew Kimball, president and CEO of the New York City Economic Development Corporation, said on “Inside City Hall” about what makes this time different.

The city, state and federal governments are putting up $215 million for the project.

Phase one is to include a mixed use development, sports fields for local youth leagues and a 25,000-foot community space.

Phase two is to have 450 units of affordable housing adjacent to the armory.

Ruben Torres has lived in the neighborhood for 50 years and says he hopes to see the redevelopment completed.

“This is a nice neighborhood. If we can keep it clean and keep it thriving, so to speak, that would be wonderful,” Torres said. “It is a gorgeous building.”

Officials anticipate construction will start in 2027, with the goal of finishing by 2032.

The project is contingent on zoning changes and a Uniform Land Use Review Procedure, which takes about a year and requires approval of the City Council.

The project will create 3,000 temporary construction jobs, 350 permanent jobs and generate $2.6 billion in economic impact over the next 30 years, according to the NYC Economic Development Corporation.