Stadium Discussion

[SoupInNYC]

can you interpret what this means for us please? Thanks for all you do

Nothing more than before other than it will be at least another month before any official action is taken on splitting this lease.

No land use action can be taken on these properties until this lease is split. Splitting this lease will result in the immediate term, Maddd Equities (though South Bronx Community Ventures LLC) managing these lots as parking. This is the only current allowed use of these lots.

Once these lots are "acquired", they can be combined with the GAL facility, etc. in order to then take land use actions. The intention to use all of these properties for future land use actions was noted many times. Maddd and EDC were keeping what those land use actions would be as separate, as that would just result in way too much back and forth before any decisions were made (they didn't say this last part, that is my conjecturing). The term "soccer stadium" was mentioned several times, but it was always in the context of, "we're not talking about a soccer stadium, or anything else".

The real new news from this is that Maddd Equities founder Jorge Madruga said himself that Maddd was paying out the NYCIDA bondholders "about $50m" as part of this transaction. Note that this is not to actually acquire the land (they will still be leasing). I'm sure the club would be footing at the very least some portion of this amount (if not a majority of it).

This is also the first time I've noticed anyone from Maddd Equities in one of these CB4 meetings (I have missed only one of these meetings since April 2019) and the founder himself, along with several reps from NYC EDC and another from C&V Consulting, one of Maddd's lobbyists were all on.

TL/DR: A month from now, CB4 will vote on this, then it goes to Bronx Borough vote, and then mayoral authorization of that vote. Then, Maddd and EDC will be looking to engage the local community on potential land uses for these properties.

 

[Buckley]

#SoupScoop

 

[LionNYC]

Nothing more than before other than it will be at least another month before any official action is taken on splitting this lease.

No land use action can be taken on these properties until this lease is split. Splitting this lease will result in the immediate term, Maddd Equities (though South Bronx Community Ventures LLC) managing these lots as parking. This is the only current allowed use of these lots.

Once these lots are "acquired", they can be combined with the GAL facility, etc. in order to then take land use actions. The intention to use all of these properties for future land use actions was noted many times. Maddd and EDC were keeping what those land use actions would be as separate, as that would just result in way too much back and forth before any decisions were made (they didn't say this last part, that is my conjecturing). The term "soccer stadium" was mentioned several times, but it was always in the context of, "we're not talking about a soccer stadium, or anything else".

The real new news from this is that Maddd Equities founder Jorge Madruga said himself that Maddd was paying out the NYCIDA bondholders "about $50m" as part of this transaction. Note that this is not to actually acquire the land (they will still be leasing). I'm sure the club would be footing at the very least some portion of this amount (if not a majority of it).

This is also the first time I've noticed anyone from Maddd Equities in one of these CB4 meetings (I have missed only one of these meetings since April 2019) and the founder himself, along with several reps from NYC EDC and another from C&V Consulting, one of Maddd's lobbyists were all on.

TL/DR: A month from now, CB4 will vote on this, then it goes to Bronx Borough vote, and then mayoral authorization of that vote. Then, Maddd and EDC will be looking to engage the local community on potential land uses for these properties.

Someone check the bond prices on a terminal!

 

[SoupInNYC]

Someone check the bond prices on a terminal!

They were last traded on 5/12, high price of $49.88 and low price of $48.63

 

[Jon]

I listened to most of the meeting and I think community members seemed pretty positive about what the EDC and MADD are proposing. I think they just don't want to be burned again like they were with the Yankees. Can't say I don't blame them.

 

[FredMertz]

Nothing more than before other than it will be at least another month before any official action is taken on splitting this lease.

Thanks so much for your insight and hard work on this.

Is there a reasonable, hypothetical chain of events that leads to an announcement? If the leases are split, what are the next major milestones? Was the discussion explicit about this being the next step towards a stadium, or is it just MADD increasing their options to potentially do many things with the land?

 

[SoupInNYC]

Thanks so much for your insight and hard work on this.

Is there a reasonable, hypothetical chain of events that leads to an announcement? If the leases are split, what are the next major milestones? Was the discussion explicit about this being the next step towards a stadium, or is it just MADD increasing their options to potentially do many things with the land?

The discussion was explicit towards just severing the lease. They were absolutely clear that they weren't discussing potential land uses, though they did not that this was being done with the intention on using these lots for other uses rather than parking.

It depends on when they want to make an announcement. As in, what part of the process as this will have to go through ULURP. I'm assuming the club/developers will make an announcement almost immediately when this enters ULURP, so this answer is based on that assumption.

What would need to happen:

1. Bronx CB4 vote on severing the lease (to occur late May)
2. Bronx Borough Board vote on severing the lease
3. Mayoral authorization of that vote
4. Maddd to discuss with Bronx CB4 on potential developments - I'm sure most of this has already been somewhat decided
   1. There's no way a soccer stadium isn't part of this (this is my opinion). Maddd isn't spending all this money on their own to just provide affordable housing and other community benefits that would likely have little return. That would result in no funding from the club to help cover this and I just don't see how that happens.
   2. CB4 has been proactive in figuring out how they can benefit from this. They had the ULI TAP done and found what benefits they can receive from other experts. Maddd is fully aware of these and CB4 noted themselves that they want to incorporate the ideas from that report.
   3. A lot of time has passed where Maddd and the club (and potential other partners, they've been working with HPD, DOT, etc.) should have been able to develop a lot of ideas on what else can go around this.
   4. I think most of what will occur is around specific details, some decisions, etc. but nothing too major.
5. Application to ULURP is filed and that whole process gets going.

 

[Kjbert]

The discussion was explicit towards just severing the lease. They were absolutely clear that they weren't discussing potential land uses, though they did not that this was being done with the intention on using these lots for other uses rather than parking.

It depends on when they want to make an announcement. As in, what part of the process as this will have to go through ULURP. I'm assuming the club/developers will make an announcement almost immediately when this enters ULURP, so this answer is based on that assumption.

What would need to happen:

1. Bronx CB4 vote on severing the lease (to occur late May)
2. Bronx Borough Board vote on severing the lease
3. Mayoral authorization of that vote
4. Maddd to discuss with Bronx CB4 on potential developments - I'm sure most of this has already been somewhat decided
   1. There's no way a soccer stadium isn't part of this (this is my opinion). Maddd isn't spending all this money on their own to just provide affordable housing and other community benefits that would likely have little return. That would result in no funding from the club to help cover this and I just don't see how that happens.
   2. CB4 has been proactive in figuring out how they can benefit from this. They had the ULI TAP done and found what benefits they can receive from other experts. Maddd is fully aware of these and CB4 noted themselves that they want to incorporate the ideas from that report.
   3. A lot of time has passed where Maddd and the club (and potential other partners, they've been working with HPD, DOT, etc.) should have been able to develop a lot of ideas on what else can go around this.
   4. I think most of what will occur is around specific details, some decisions, etc. but nothing too major.
5. Application to ULURP is filed and that whole process gets going.

thank you. Follow up for you please.

we assume the CB4 will approve to sever the lease. What do they care? We assume the Borough will approve of it. Again. What do they have to lose.
1) Any inkling as to how quickly the Borough would take a vote on this post CB4?
2) Do we want this then landing on BDB’s desk? Like ever?

 

[Kjbert]

It seems like the first time we would ever see renderings officially or acknowledgement would be post the Mayoral authorization of the lease severing.
It feels like the Borough should be rubber stamping the vote. Same with the Mayor. But I know that won’t happen

 

[SoupInNYC]

thank you. Follow up for you please.

we assume the CB4 will approve to sever the lease. What do they care? We assume the Borough will approve of it. Again. What do they have to lose.
1) Any inkling as to how quickly the Borough would take a vote on this post CB4?
2) Do we want this then landing on BDB’s desk? Like ever?

I don't see why CB4 wouldn't approve it. The Housing and Land Use Chair actually said last night "I support the fact that we want to put this land to greater use than it is now". These lots are providing no value, either through local community use, or taxpayer revenue. I also don't see why the Bronx Borough Board vote would follow suit.

1. I don't know how quickly the vote would occur but it will be something I will be trying to track down vigilantly once the CB4 vote happens.
2. I think this landing on BdB's desk would be fine. There is reason to suggest that he would be in support of this project now. And again, these lots are sinkholes, I can't imagine anyone as mayor that would be against this singular item. Also, this vote would just be about severing the lease. That is a lease that was entered in while Bloomberg was mayor. It would be another chance for him to take a shot at a previous leader and view himself as a "hero".

 

[Kjbert]

I don't see why CB4 wouldn't approve it. The Housing and Land Use Chair actually said last night "I support the fact that we want to put this land to greater use than it is now". These lots are providing no value, either through local community use, or taxpayer revenue. I also don't see why the Bronx Borough Board vote would follow suit.

1. I don't know how quickly the vote would occur but it will be something I will be trying to track down vigilantly once the CB4 vote happens.
2. I think this landing on BdB's desk would be fine. There is reason to suggest that he would be in support of this project now. And again, these lots are sinkholes, I can't imagine anyone as mayor that would be against this singular item. Also, this vote would just be about severing the lease. That is a lease that was entered in while Bloomberg was mayor. It would be another chance for him to take a shot at a previous leader and view himself as a "hero".

Plus he could bring in $50 million

 

[DeGrozz]

Not sure if anyone here would know the answer to this, but I am going to ask it anyway...

We know the Metro/Red Bulls wanted to build in NYC, but they were never able to get it done. Does anyone know how close or far they got in this process? It's great seeing progress made, but have other teams seen this happen only to have the door slammed in their face or is this the furthest anyone has gotten yet?

 

[Kjbert]

There is a new poll leader for the Dem nomination. Garcia. Anyone know her thoughts on a stadium?

 

[Vallos]

There is a new poll leader for the Dem nomination. Garcia. Anyone know her thoughts on a stadium?

She is for a stadium but with no public subsidies or tax breaks.

 

[Kjbert]

She is for a stadium but with no public subsidies or tax breaks.

that seems ok right?

 

[moogoo]

that seems ok right?

these polls have been all over the place depending on who is doing the polling and where they are doing it.

safe to say it's fairly close between the top 3 though.

but i will be skeptical of any kind of stadium promises from any of them until we break ground.

 

[Kenny]

Not sure if anyone here would know the answer to this, but I am going to ask it anyway...

We know the Metro/Red Bulls wanted to build in NYC, but they were never able to get it done. Does anyone know how close or far they got in this process? It's great seeing progress made, but have other teams seen this happen only to have the door slammed in their face or is this the furthest anyone has gotten yet?

To my knowledge the Red Bulls never got anywhere near this close, nor did any other pro soccer team. I don't think RB even really tried.

 

[Kenny]

that seems ok right?

Yes and I would add that she is known for being pragmatic, as opposed to ideological, which should also help.

 

[SoupInNYC]

https://twitter.com/x/status/1398794146496790532

 

[SoupInNYC]

Agree that it's far from ideal but in all likelihood it's what we will have to endure for 3 years unless there is some unforeseen development. That said, it will make the feeling of finally having a beautiful SSS to call home that much sweeter, won't it?

Also, coming here to post this and I started at page 1 and came across this message. Don’t mean to pick on this in particular, because all of our thoughts were probably here at that point.