Yankee Stadium garage scheme strikes out

From the Daily News:

Plans to build affordable housing and stores on failed Yankee Stadium parking lots in the Bronx have struck out - for now.

Talks between the city and a real estate developer have stalled and officials are no longer pursuing the partnership, the Daily News has learned.

Officials hoped a project with Jackson Development and Joy Construction would bail out Bronx Parking Development, the nearly bankrupt company that owns and operates the Yankee Stadium parking system.

Last year, the company's board approved the general parameters of the development scheme and authorized the New York City Economic Development Corporation to negotiate a deal, officials said.

But the EDC recently ended negotiations with the two companies for reasons it won't comment on, said Kyle Sklerov, agency spokesman.

New development options will be considered moving forward, Sklerov said. The parking system is a ticking time bomb because Bronx Parking has defaulted on about $240 million in tax-exempt bonds held by private investors that were issued by the city.

The company has until next spring to supply the bondholders with $15 million in principal and interest payments. But its reserves total less than half that figure because its garages and lots now average just 43% occupancy on Yankees game days.

The development deal meant to rescue the bondholders called for 550 units of low-income housing and 45,000-square-feet of retail on two lots south of Yankee Stadium near the Gateway Center shopping mall.

Now that project is headed for the dugout and the city needs a new partner or partners to step up to the plate.

Photo from WNYC