The plan for the museum was announced by a group of hip-hop artists and their supporters at a news conference in front of City Hall on Wednesday after a City Council ceremony inside to honor the achievements of Mr. Bambaataa and other early hip-hop pioneers, including Grandmaster Melle Mel, Grandmaster Caz and Grand Wizard Theodore. The new museum, which is still being developed, is the latest in a line of efforts to honor hip-hop that date back to at least the mid-1990s.

In a separate project, Craig Wilson, co-founder of the National Museum of Hip-Hop, said that he was in negotiations with developers to open his museum in Harlem, though he added that he would consider a proposed location in the Bronx. But citing studies on foot traffic and tourists, he added that “the numbers in Manhattan make more sense financially than in the Bronx.”

Image Grandmaster Caz in 2012. Credit... Lucas Jackson/Reuters

Rocky Bucano, the president of the planned Universal Hip Hop Museum, said that their effort was different because it had the backing of Mr. Bambaataa and other artists who have agreed to serve on an advisory committee for the museum and raise money on its behalf. He said that they hoped to open in the armory by 2017. “Since we started the art form,” he said, “we think we should have the most invested in it.”

The redevelopment of the Kingsbridge Armory will include 52,000 square feet of space dedicated to community use, said Councilman Fernando Cabrera, whose district includes the armory.