New Baseball and Football Stadiums Approved

The New York City Council approves the plan for a new Yankee Stadium, New Jersey's governor greenlights a football stadium for the Giants and Jets, and the Mets unveil plans for a new ballpark in Flushing, N.Y.

New Stadium Projects Move Ahead

A proposal to construct a new Yankee Stadium in the Bronx cleared a major hurdle as the New York City Council voted overwhelmingly in favor of the plan for a 53,000-seat facility.

The $800 million stadium designed by HOK Sport of Kansas City will be built in Macombs Dam and John Mulally parks across the street from the existing Yankee Stadium. The new facility will mimic the façade of the stadium built in 1923 before it was redesigned 30 years ago.

The new facility will combine two structures - an oval stadium on the inside and an exterior rectangular retail and amenities section. Its placement drew local opposition over the loss of parkland in the borough as well as concern about traffic and pollution impacts.

Construction, with San Francisco-based URS Corp. handling program management, was scheduled to start in the spring, following approval of the city's monetary commitment by the city council's finance committee. Completion is slated for 2009.

The team is paying for the stadium construction, but the city, state, and private developers are funding another $438 million to demolish the old stadium, add and upgrade parkland to replace the 22 acres used for the new stadium, and build four new parking garages.

Meanwhile, New Jersey Gov. Jon Corzine lifted a hold he had placed on development of a new $1 billion football stadium for the National Football League's Giants and Jets franchises after negotiating new terms with the development team beyond the arrangement reached with Acting Gov. Richard Codey last year.

Under the new agreement, the parties have agreed to "relieve the state of predevelopment costs," amounting to $30 million, while allotting additional profits from operations to the teams. The Giants and Jets are acting as joint developer of the stadium, which they will own.

The 81,000-seat arena will sit on 55 acres, with the Giants using an additional 20 acres for practice facilities. The Jets, meanwhile, have agreed to purchase a 20-acre plot in Florham Park, N.J., for $20 million for their new corporate headquarters and practice fields, which will move the team from its longtime home on Long Island in New York. The New Jersey Sports and Exposition Authority was ironing out details of the final development deal and construction schedule in mid spring.

In addition, the New York Mets unveiled plans for a new baseball stadium in Flushing, N.Y. The design by HOK Sport evokes Ebbets Field, where the Brooklyn Dodgers had played.

The Mets will pay for construction and have requested approval for $632 million in tax-exempt and taxable bonds from the New York City Industrial Development Agency. The city will chip in $90 million and the state $75 million for capital infrastructure upgrades.

The new 45,000-seat stadium will be built on a parking lot next to Shea Stadium, where the Mets now play, and would open in 2009. A joint venture of Indianapolis-based Hunt Construction Group and New York-based Bovis Lend Lease, will manage construction.

New White Plains Complex Begins

Construction is under way on a new wave of development in downtown White Plains, N.Y.

Following its completion last year of the $325 million residential, retail, and entertainment complex called City Center at Main Street and Mamaroneck avenues, Cappelli Enterprises of Valhalla, N.Y., broke ground this winter on Renaissance Square, a 890,000-sq.-ft. hotel, residential, and retail complex originally estimated to cost $400 million but since reduced to $350 million. The project will include two high-end residential towers offering 380 units combined.

A 40-story tower will house a hotel on the first eight floors. The second tower, the height of which was not disclosed, will feature 200 residences as well as 115,000 sq. ft. of office space and 11,000 sq. ft. of retail.

A 1,000-space garage will sit beneath the entire project, and a public plaza with a waterfall will serve as the development's center. The developer declined to provide the project's schedule.

Major Renovation in Greenwich

Construction started in Greenwich, Conn., this spring on a $150 million renovation of two residential properties - Weavers Hill and parts of Putnam Green - to create new condominiums.

Renovations of the properties - acquired this winter by Greenwich-based Antares Investment Partners for $223 million and designed by Greenwich's R.S. Granoff Architects - will modernize the 1970s façade and roofing of the connected townhouses.

The work involves installing new entryways and windows and renovating the interiors with luxury finishes and appliances. It also entails adding landscaping, constructing a new gatehouse, and renovating the pools, health club, and event rooms.

The 20-acre Putnam Green, partially renamed Greenwich Place, will contain 266 townhouses ranging in size from studios to three-bedroom units. An additional 66 units will not be renovated and remain part of Putnam Green, according to an Antares spokeswoman. The 30-acre Weaver's Hill, renamed Greenwich Oaks, will have 130 two- and three-bedroom townhouses.

Antares's own unit is construction manager on the project, expected to be completed in phases, which will allow partial occupancy over the 18 to 24-month schedule.

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