The seven-level, open-air park will feature natural grass and capacity for approximately 45,000 fans within the 1.26-million-sf facility. There will be 8,800 parking spaces on-site and adjacent to the site in addition to 3,680 spaces in lots in the surrounding area.
The Mets estimate the amount of their total private investment to be approximately $550 million. In addition, the city will contribute $90 million in capital funds, and the state will contribute $75 million in addition to rent credits, in order to fund infrastructure costs related to the project. The Mets will enter into a lease with an expected term of at least 35 years.
Previously, the New York City Industrial Development Agency said it would issue about $632 million in tax-exempt and taxable bonds. It is expected that $528 million of that will be in tax-exempt bonds and $104 million will be in taxable bonds, both of which will be repaid through Pilot payments and direct rent payments. IDA intends to use exemptions from real property tax, mortgage recording tax and sales tax in connection with the project.
The park will be built in the parking lot to the east of Shea. The city and state have been working with the Metropolitan Transportation Authority on options to make additional transit service available. Amenities include a baseball-specific design with seating angled toward the infield and set down closer to the field, wider seats with more legroom as well as new restaurants, suites and clubs.
Design elements include brick and limestone arches with keystones and arched mullions in the glass. In addition the organization will have a three-story, 100,000-sf building along 126th Street for its executive offices, retail space and other amenities.
The new ballpark project is being developed by Mets Development Co. LLC and was designed by HOK Sport, which has designed and renovated 13 of the 30 Major League ballparks. Hunt-Bovis, a joint venture of Hunt Construction Group and Bovis Lend Lease, will provide construction management.
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