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BRONX, NY-The New York Yankees will work with city and state officials to build an $800-million stadium on a site next to the current stadium here. The design is expected to have a retro feel as it will incorporate elements from the 1923 stadium.

The Yankees will finance the $800-million of construction costs and will also be responsible for operating and maintaining the new stadium, which will be north of the current stadium on portions of Macombs Dam and John Mullaly parks. The state has agreed to add approximately 4,000 parking spaces to expand the parking facilities and will receive all parking revenue.

Developed by Tishman Speyer Properties and designed by HOK Sport + Venue + Event, the new stadium will have between 50,800 and 54,000 seats. Features include improved sight lines, concourses and other concession stands. Monument Park and the copper frieze will remain.

The new stadium is part of a revitalization effort under way in the borough. A new parks program is planned as well as a plan that calls for a 250-room hotel, small conference center, a high school and increased transportation access in the stadium area. Also in the works is BTM Development Partners’ one-million-sf Gateway Center at Bronx Terminal, an effort estimated to cost approximately $394 million. Situated on a 16.8-acre site east of the Major Deegan Expressway, just south of Yankee Stadium, the center will include a community retail center, a hotel and banquet facility and a waterfront park and esplanade.

Yankees officials say the team has worked with city and state officials to “ensure that the new stadium will have substantial positive economic impact and tax benefits.” They say the new stadium “will retain all the best of the old, resurrecting the heritage of the original stadium and preserving all the existing features that have made Yankee Stadium one of the world’s legendary sports venues.”The Yankees announcement comes on the heels of the New York Mets plan to privately finance a new $700-million Shea Stadium in Flushing Meadow which would be used for the 2012 Olympic Games, if New York City is designated as the host city. The new facility will be in the parking lot of where the current stadium is. The city and state would fund infrastructure and site preparation, $85 million from the city and a proposed $75 million from the state.

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