Stadium Proposals Abound in New York Area

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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The New York Sun
NEW YORK SUN CONTRIBUTOR

This summer, seven proposals for sports stadiums to be built in the New York metropolitan area worked their way onto the public agenda. They are:


1. Giants Stadium
(The Meadowlands in East Rutherford, N.J.)


Total projected cost: $800 million
Size: 80,000 seats on a 75-acre site
Developer: the New York Giants
Government subsidies: New Jersey will absorb $124 million of long-term debt on the existing stadium and spend roughly $30 million on improvements. The state will suffer a loss in revenue compared to the existing agreement.
Hurdles: The Giants must come to a settlement by today in a long-standing dispute over parking and potential congestion with the builders of Xanadu, a planned $2 billion entertainment center and mall. The Giants are also considering the construction of a shared stadium with the Jets.


2. Jets / Olympic Stadium
(32nd Street between 10th and 11th avenues)


Total projected cost: $2.2 billion
Number of seats: 75,000
Government subsidies: $600 million, half each from city and state
Developer: the New York Jets
Likelihood of development: The Jets have been looking at other alternatives since Assembly Speaker Sheldon Silver nixed the plan.
Supporters/opponents: Supporters included Mayor Bloomberg and Governor Pataki; opponents included many West Side residents and Cablevision, which owns the nearby Madison Square Garden. Hurdles: Residents said it would ruin the neighborhood; Silver said it would distract from efforts to rebuild his district, in Lower Manhattan.


3. Madison Square Garden
(Ninth Avenue between 31st and 33rd streets)


Total projected cost: Unknown The new Moynihan Station, in which it may be located, will cost an estimated $930 million. Developers: Cablevision, controlled by Charles and James Dolan; Stephen Ross of the Related Companies; and Steven Roth, chairman of Vornado Realty Trust
Likelihood of development: It was announced earlier this week. The developers and owners are still in negotiations.


4. Nets Arena / Atlantic
(Bordering Atlantic, Flatbush, and Eighth avenues in Brooklyn)


Total projected cost: $555.3 million for the arena; $3.5 billion for the project as a whole
Size: 20,000 seats
Date of completion: 2008
Government subsidies: Roughly $200 million in direct public financing
Developer: Forest City Ratner, led by Bruce Ratner, owner of the Nets
Likelihood of development: The Metropolitan Transportation Authority approved Ratner’s bid to develop the project, rejecting a rival bid supported by many community residents.
Supporters: Many politicians, including Mayor Bloomberg, Governor Pataki, and City Council Speaker Gifford Miller; the MTA. Opponents: Neighborhood residents who would be displaced or who want less dense development in Brooklyn.


5. Yankee Stadium
(161st Street and River Avenue in the Bronx)


Total projected cost: $800 million for construction of the stadium, and $220 million for infrastructure and parking Size: 20,000 square feet, 51,800 seats Date of completion: 2009 Government subsidies: City and state will pay the $220 million for infrastructure work and parking development. A sales tax exemption on construction materials could add up to $22 million; tax-free bonds used to finance the project could cost $12 million a year in tax revenues. Developer: the New York Yankees Likelihood of development: Construction is scheduled to begin next spring. Opponents: Virtually silent. The displacement of the Bronx Terminal Market with a proposed megamall by Related Companies has stirred far more local opposition.


6. Jets Stadium
(15 acres of Flushing Meadow Park in Queens)


Total projected cost: Unknown
Number of seats: 80,000
Government subsidies: May include the donation of park land
Developer: the New York Jets
Likelihood of development: There is no development schedule, and the Jets are also considering sharing a stadium with the Giants in New Jersey.
Hurdles: Local politicians have denounced the plan for various reasons, including the displacement of park land and concern for small businesses in the “Iron Triangle” area of Willets Point. The Jets must choose Queens over other options.


7. Mets Stadium
(Adjacent to existing stadium in Flushing)


Total projected cost: $600 million
Number of seats: 40,000
Date of completion: 2009
Government subsidies: City to pay $85 million and the state to pay $75 million for preparation of the site.
Developer: the New York Mets
Likelihood of development: The stadium was part of a revamped Olympic Stadium plan. There has been little word since New York lost its 2012 Olympic bid in July.
Hurdles: City and state expenditures would require approval from the state Legislature and the City Council, but not until the 2007 fiscal year.

The New York Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


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