ESDC chairman Charles A. Gargano says the investment will create thousands of temporary and permanent jobs and yield hundreds of millions of dollars in tax revenue in the coming years. Randy Levine, president of the New York Yankees, adds that the team's $1.2-billion plan is the largest private investment in the history of sports in the US. For previous coverage, click here.

The Yankee Stadium plan involves creating an open-air, five-level stadium with approximately 53,000 seats, standing room for 1,000 and 60 suites. It will have approximately 1.3 million sf of space, including food and beverage service facilities, retail space, Yankee corporate business space, and other amenities. The design is expected to be reminiscent of the 1923 Yankee Stadium and the current stadium. Four new garages would be constructed which would provide around 4,735 new parking spaces.

Approximately $800 million in bonds will be issued toward the stadium effort. The city will contribute approximately $129.2 million to replace parkland and make necessary infrastructure improvements, and additional $4.7 million in capital reserve for the new stadium. ESDC will contribute $70 million for the construction of the new parking garages and $4.7 million in capital reserve for the new stadium from bond proceeds. The total new parking garages development costs are estimated at approximately $247 million. Construction will begin this spring and be completed in 2009 for the stadium and 2011 for the entire project.

The plan at Shea involves creating an open-air, seven-level stadium with capacity for 44,100 spectators. There will be approximately 1.26 million sf of space, including food and beverage service facilities, retail space, a corporate business center, function space and facilities for the media, concourses, restaurants and players' facilities. Its design will be reminiscent of the historic Ebbets Field. There will be 8,800 parking spaces on-site and adjacent to the site in addition to 3,680 spaces in remote lots in the surrounding area.

The total project costs are estimated at $600 million. The city will contribute approximately $85 million for infrastructure improvements inclusive of extraordinary pilings costs, and an additional $4.7 million in capital reserve. The ESDC will contribute $70 million for the construction of the infrastructure improvements and $4.7 million in capital reserve for the stadium from bond proceeds. Construction will begin this spring and be completed by 2009.

The next step is to seek public hearing and comment for the general project plan. After full public comment, the project will remain subject to final directors' approval at a later date.

Instant Insights /

GlobeSt.com UPDATE: ESDC Board Approves Yankees, Mets Redevelopment Plans

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