Public officials, including Gov. Jon Corzine, were present because the state owns the land. The Giants and Jets will co-own and jointly operate the facility under a long-term ground lease with the state. The current Giants Stadium, which dates to 1976, is owned by the state via the New Jersey Sports & Exposition Authority and leased by the two teams. The Giants have been there since the beginning, and the Jets moved in as co-tenant in 1984. Once the new venue is completed, the existing facility will be demolished and replaced by parking lots.

"Every aspect of a Sunday at the stadium will be radically different before fans even step inside," said Jets' owner Woody Johnson at yesterday's event. "To begin with, improved highway access and redesigned parking lots will make the trip more efficient."

"For me, the new stadium exemplifies the best in public-private partnerships," said Corzine. "The Jets, the Giants and the State of New Jersey have developed a genuinely collaborative relationship. We know that this will pay serious dividends over a long period of time."