Former Deutsche Bank executive Kevin Parker and former New York Rangers player Mark Messier have secured funding for phase one of a $350m (€303.6m, £275m) project in the Bronx, New York, which will be home to the largest ice skating centre in the world.

The pair have announced that plans are underway to transform the 750,000sq ft (69,677sq m) Kingsbridge Armory from its previous use as a military centre into a sports centre.

Citibank, according to Parker, has agreed on a large loan for the renovation, which will be added to the $35m (€30.7m, £27.5m) already raised through private investment.

The centre will be home to nine ice rinks, athletic facilities and a 5,000-seater arena, provided it passes regulatory and planning submissions to New York City officials.

Parker has earmarked an expected completion date of 2022 and likely phase one construction costs of $170m (€149m, £133.6m).

“Citibank is committed to doing the first phase of the project,” he told New York business publication Crain’s. “And they’ve indicated a strong desire to finance the second phase. But we’re going one step at a time.”

The ice centre beat other proposals for the building, originally home to the National Guard, including ideas as far ranging as a film and television complex, a mixed-use sports centre and a chess centre.

Given New York City landmark status in 1974, the armoury originally had an 800-seat auditorium and a 180,000sq ft (16,723sq m) drill hall and stands at nine stories.