Bronx seeks a hotel home run - Crain's New York Business

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A failed four-level parking lot near Yankee Stadium could become a first-class hotel if the right plan—and ultimately developer—can be found to do the job.

The Bronx Overall Economic Development Corp. issued a request for expressions of interest on Monday to build a hotel and conference center on the site of a new, badly underutilized garage operated by the Bronx Parking Development Co.

"A major hotel and conference center has been a priority for the people of the Bronx for decades," said Borough President Ruben Diaz Jr. in a statement. "For years, my office and the BOEDC have heard from both developers and hotel operators expressing their desire to develop a new hotel in the vicinity of Yankee Stadium."

The issue came to head because the Bronx Parking Development Co. is at risk of defaulting on the bonds that financed the construction of three new parking facilities near the new Yankee Stadium.

"Because of low demand for the parking, we had a risk of not being able to make the bond payments," said Chuck Lesnick, vice president of Bronx Parking Development. He added that the loans are not now in default.

The problem for Bronx Parking Development is that all too few fans are using its pricey new facilities. Instead, more bomber fans are taking public transportation or opting for cheaper parking nearby. The new Gateway Shopping Center, just a few blocks away from the stadium, has been attracting fans to its parking garages, which charge about $4 an hour, compared with $35 per game for a self-park space in the stadium garages or $45 for valet service.

Meanwhile, according to Metro-North, an average of 3,900 attendees use the commuter line and its new train station at the stadium to get to weekend games, while 3,200 take the train to games during the week.

There are 9,000 parking spaces near Yankee Stadium, and Bronx Parking Development has said that barely half of them are occupied on game days.

According to the proposal, the city would like to convert garage No. 8, a four-level, 749,700-square-foot facility with 2,411 parking spaces, into what it describes as a first-class hotel that would include a "high-end penthouse level restaurant," as well as retail space. The garage is located at East 153rd Street and River Avenue.

Mr. Lesnick predicted that the hotel might even attract the Yankees' visiting baseball teams, all of which currently opt for hotels in Manhattan.

The request for expressions of interest asks potential developers to consider building a Latino Baseball Hall of Fame as part of the project, as well.