Harlem Yards: The New $700 Million Proposal

 

The city’s latest high-dollar construction proposal was announce this week, this time in the form of a 26,000 seat soccer stadium. The project is currently being called the Harlem River Yards, and comes at an estimated cost of $700 million. Today, Ignitia takes a closer look at this project and what it might mean for the surrounding area.

The South Bronx Riverfront Complex

The proposal was recently submitted to Empire State Development by The Related Companies. The Related Companies is the same group responsible for the colossal new Hudson Yards project currently underway in lower Manhattan. If approved, the proposed site would inhabit 12.8 acres and roughly 1,200 feet of riverfront real estate along the South Bronx riverfront.

Future Home of New York Football Club

According to several sources, Related Companies submitted the proposal in partnership with Somerset Partners, as well as the New York City Football Club, who plan to be the sole resident of the proposed soccer stadium. Currently, the New York City Football Club play their home games at Yankee Stadium. Along with the 26,000 seat stadium, the proposal reportedly also includes 150,000 square-feet of retail space, 85,000 square-foot parkland, a 25,000 square-foot medical center, and 550 units of affordable housing. The location is reportedly adjacent to two 25-story buildings currently under construction by the Somerset Partners which will also see another 1,600 housing units constructed in the area.

Sister Project to Hudson Yards

In a similar design to the Hudson Yards project, the Harlem Yards site is designed to rise above an extant rail yard. This design will keep the rail yard intact, and add a cost of $75 million to the project. Also, in an effort to sweeten the deal for the city, according to Yimby, the partnership would also agree to pay an annual $500,000 sum of rent for the 99-year lease term, invest $25 million in a new riverfront esplanade, and invested another $100 million to prepare the ground for construction, taking the grand total for the proposal to more than $700 million.

Competition for the Site

The plan is not without competition, however. Recently, a new proposal to use the land to develop a new $2.2 billion housing development was also reportedly submitted for consideration as well.

If accepted, the targeted completion date for the project is set for sometime in 2022.

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