I spent a good chunk of yesterday researching that report of a new NYC F.C. stadium to be built in the South Bronx for this Village Voice article, and uncovered a few more things:
- Not only did developer Keith Rubinstein (who’s actually part of the development group behind the new plan, along with NYC F.C. and Stephen Ross) pay $58 million for five acres of adjacent land just three years ago, but he sold it again for $165 million earlier this month. At that price per acre, then, the 12.8-acre site being targeted for the soccer stadium should be worth $432 million — and yet the development proposal offers New York state a mere $10 million (in present value) worth of future lease payments.
- And that’s not even counting any tax breaks the project would get from not paying property taxes, thanks to being built on state land. The state could always demand payments in lieu of taxes as part of any deal, but there’s no guarantee that would bring in as much revenue as if the land were delivered to private hands and put on the property-tax rolls.
- Though the New York YIMBY article that leaked the stadium plan made it sound like all but a done deal, it’s far from that: The state Empire State Development agency has only issued a Request for Expressions of Interest, which is what it does while trolling for potential bidders for a formal Request for Proposals, and it doesn’t even have a timetable yet for issuing an RFP. So the Ross/Rubinstein/NYC F.C. proposal isn’t even really a proposal yet, more like a brightly colored press packet with delusions of grandeur.
And speaking of that press packet, I got it last night from ESD, and oh man, is it over the top. Some highlights:
- The soccer stadium “is an essential element of our transformation plan, bringing an iconic, facility – unique in the City –that will give this too-often under-appreciated community a distinctive identity and widespread recognition.” (All weird-ass grammar and punctuation in the original.) I thought giving Port Morris/Mott Haven a “distinctive identity” was what the Piano District fiasco was supposed to be all about, but I guess you can’t have too many distinctive identities, or something.
- Under “Stadium Benefits,” the proposal includes: “Stadium cost is estimated to be $75m more expensive than a stadium built on a development site without rail tracks to build over.” They’re building an extra-spendy stadium just so freight trains can keep passing through like they already do now! It’s like money in your pocket!
- KidZania, a “miniature kids’ size city that combines inspiration, fun and learning through realistic role play for children 4-14.” And in case you don’t give a crap about kids, it would also “generate economic activity in all seasons, and local job opportunities.”
- There will be no dedicated parking, thanks to all the subway stations within a few blocks; instead, fans who insist on driving “will be directed to park at the nearby Yankee Stadium and arrive via a dedicated stadium shuttle network, which could include rail, bus, ferry and bicycle.” Yankee Stadium is almost two miles from the proposed soccer stadium site.
- This, whatever this is:
And there is so much more — the damn thing goes on for 159 pages, though many of them are just such things as photos of kids holding astronaut helmets. (See for yourself at the links to the full proposal below.)
It looks like ESD has only received one other proposal for the rail yards so far — from a housing developer that is interested in building there, but doesn’t give a proposed sale price for the land — but that’s not unexpected at this stage of the game, especially when the two biggest Bronx developers (plus NYC F.C., which is part-owned by the Yankees, who are the big dogs in the South Bronx) are already in cahoots on a single plan. Real estate monoculture is bad for taxpayers and other living things.
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