New York City FC battles Columbus Crew SC last summer at Yankee Stadium.
Photo: Errol Anderson/Zuma PressNew York City’s major-league soccer team moved a step closer to a deal for a home stadium in the Bronx.
Developers partnering with the team on a new stadium proposal reached an agreement last month with the city and the New York Yankees, which are part owners of the New York City FC soccer team that plays in Major League Soccer, according to one of the developers.
Under the agreement, the developers would build a soccer stadium in the south Bronx near Yankee Stadium. The project would also include affordable housing, a school and shops.
But complicated details still need to be resolved before there is a deal, and the agreement is nonbinding, according to one of the developers, Maddd Equities LLC.
“There are a lot of moving parts to this deal,” said Jorge Madruga. chief executive of Maddd Equities, one of the developers involved. “We are investing a lot of money and time and have a lot of people working on this to make it happen.”
The proposed development would rise on several lots near Yankee Stadium on River Avenue in the Bronx. Some parcels in the area are controlled by the Bronx Parking Development Corp., a nonprofit that operates parking lots serving Yankee Stadium.
Those lots were part of a deal when the new stadium was built requiring the city to provide 9,300 parking spaces for fans. But many fans have opted to take cheaper public transportation to the games, leaving many underused spaces and the Bronx Parking Development in default of bondholders.
Under the proposal the developers would purchase those lots, a person familiar with discussions said. In addition, the Yankees have committed to reducing the requirement of parking spaces from 9,300 to 6,300. The project would require a public approval process.
“The situation with Bronx Parking had started to seriously deteriorate and a solution had to be reached, which led to the opportunity to create an overall plan,” said Randy Levine, president of the New York Yankees.
A new home stadium for the soccer team would end the constant problem of displacement for long-suffering fans. The soccer team plays its home games at Yankee Stadium, but scheduling conflicts have meant some critical “home” matches have had to be moved to Citi Field. Later this month, the club will play a home match in the Concacaf Champions League at the stadium of its arch rival in New Jersey.
The Yankees are part of a venture that owns NYC FC with an Abu Dhabi investment group, which also owns Manchester City in the English Premier League. The Yankees introduced Maddd Equities, which has a number of affordable developments in the Bronx, with the soccer club to collaborate on the development that would bring affordable housing and a stadium, a person familiar with the discussions said.
Previous proposals have fallen through. The developers and city representatives have been moving carefully and reaching out to community groups. The city’s Economic Development Corp., which signed the nonbinding agreement, said that additional work needs to be done.
“A deal has not been reached and more conversations are needed—especially with members of the local community on their needs and vision for the area,” the spokeswoman said.
The New York Times earlier reported that the developers, the team’s owners and the city are nearing an agreement that would allow the stadium to be built.
Write to Keiko Morris at Keiko.Morris@wsj.com
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2020-02-07 23:35:00Z
https://www.wsj.com/articles/new-bronx-soccer-stadium-within-reach-for-new-york-city-soccer-team-11581118521
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