Stadium plans gain ESD approval.

Empire State Development Chairman Charles A. Gargano has announced ESDC board approval for redevelopment plans for both Yankee and Shea stadiums.

The Yankees and Mets will finance their new facilities with tax-exempt and taxable bonds with the state contributing to infrastructure upgrades for Shea Stadium, including surface parking; and the construction of new parking facilities for Yankee Stadium.

The city will be contributing toward necessary infrastructure improvements at both Shea and Yankee Stadiums, and toward parkland replacement and amenities for the Yankee Stadium area.

In January 2006, the ESDC board announced approval for the stadiums' infrastructure plans. The approval comes after a lengthy period of formal public review.

Construction on the new Yankee Stadium will begin by spring of 2006 and be completed in 2009 for the new stadium and 2011 for the entire Project.

The total project costs are estimated at $1.12 billion. The project will generate approximately 7,072 direct construction jobs.

Shea Stadium, which is expected to generate 3,500 construction jobs and cost $615 million, will include an open-air, seven-level stadium with 42,500 seats, and standing room for 1,600 fans and approximately 1.26 million square feet of space.

Construction will also begin by spring of 2006 and be completed by 2009 for the Team's 2009 Major League Baseball season.