New York City FC’s owners, in conjunction with a Maddd Equities-led development group, are nearing an agreement with the city’s Economic Development Corporation that would allow the team to construct a privately financed, 25,000-seat stadium in the South Bronx. The project would also include affordable housing, a new school, a hotel, and shops, WSJ noted.
- Backdrop: The Yankees are part of a venture that owns NYC FC with an Abu Dhabi investment group. Randy Levine, approached Maddd Equities and said the team would be willing to scale back its requirement for thousands of parking spaces in the immediate area of Yankee Stadium, allowing the developer to purchase them, according to the NYTimes.
- Dig Deeper: The proposed development would cost more than $1 billion and rise near Yankee Stadium on River Avenue. By purchasing six scattered parking lots from the Bronx Parking Development Corp for $54 million, the development group will help the nonprofit get out from under crippling debt.