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

NEW YORK CITY-The Empire State Development Corp. board has approved general project plans for the redevelopment of Yankee and Shea stadiums. The Yankees and Mets will privately finance the facilities. The state will contribute to infrastructure upgrades for Shea Stadium and the construction of new parking facilities for Yankee Stadium. The city will contribute toward infrastructure improvements at both stadiums as well as toward parkland replacement for the Yankee Stadium area.

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.