The Plaza de Las Americas at 175th Street and Broadway will be transformed into a town square.
Construction beneath Gansevoort Plaza is set to begin in the spring or summer, the city said.
The new plaza is also meant to help reduce traffic-related injuries and deaths.
Residents are concerned about how the closure will affect parking.
The intersection of East 177th St. and Devoe Ave. will get improved passage to the Bronx River Greenway.
Residents say the sidewalk dangerously narrows their street, making it hard for FDNY trucks to get by.
A final design draft for the Plaza de las Americas will be unveiled in March, after years of community presentations.
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