YANKEES & METS new stadiums

that's insane.. 800 million a piece.. that's a lot more than ours.. but since ours was such a great deal i think we shoud look at the fact that it's like twice as much as even the one in seattle...

plus the city is paying half of each one.. so the city alone is paying 800 million.. seems like new york could be using that money for other things about now..

 

Incoming mayor Bloomberg gets final say

NEW YORK -- The New York Yankees and Mets reached tentative agreement with the city Friday to build a pair of $800 million, retractable-roof stadiums.

Incoming Mayor Michael Bloomberg will have final word on the agreements, which were announced by current Mayor Rudolph Giuliani.

"You can't underestimate the the effect on civic pride and the economy of the city," Giuliani said less than four days before leaving office.

The $1.6 billion cost of the proposed new ballparks, believed to be the largest private-public venture in baseball history, would be divided evenly between the city and the two teams, Giuliani said.

The baseball-crazy mayor insisted that no new taxes would be necessary to build the new stadiums at sites adjoining the current facilities -- Yankee Stadium in the South Bronx, and Shea Stadium in Queens.

Bloomberg, speaking before Giuliani's announcement, insisted the final word on the stadiums still belongs to him.

"The issue is really, `Can we afford them?"' Bloomberg said. "I will have to take a look down the road as the economy develops. Nobody knows today how deep or how protracted the current economic downturn is."

Projections following the Sept. 11 terrorist attacks showed the city facing serious financial problems as it rebuilds lower Manhattan and battles a faltering economy.

Officials estimated that the World Trade Center attack will cost the city $1 billion and 100,000 jobs in the current fiscal year. And the estimated construction cost in lower Manhattan, including its subway lines and train connection to New Jersey, could run as high as $34 billion.

But the stadiums were among Giuliani's pet projects, and the devastation of the terrorist attacks didn't change the longtime Yankee fan's mind.

"We're happy to be able to do this for New York," Yankees principal owner George Steinbrenner said. "Hopefully, the new administration will believe in the value of these two stadiums for New York."

Dave Howard, senior vice president with the Mets, said the new deal "demonstrates our love for the city and for our home borough of Queens."

Under the deal, the Yankees would stay in the South Bronx -- a neighborhood that Steinbrenner had threatened to flee for most of the last decade. The new Yankee Stadium would be built across the street on city-owned parkland, while the new home of the Mets would be built on the parking lot of the existing Shea Stadium.

If the deal goes forward without delay, the Mets could open their new park in 2006, while the Yankees' new stadium would be ready in 2007.

The state would pick up a $150 million tab for infrastructure improvement around Yankee Stadium -- including parking and a new commuter train station in the South Bronx, the mayor said.

Under the plan, the city would finance the stadiums by issuing $1.6 billion in bonds, and the teams would have to reimburse the city.

Gov. George Pataki, who will run for re-election next year, has already said the state will kick in no money toward the stadiums.

The city would issue tax-exempt construction bonds to cover the construction costs, with the teams and the city dividing the $50 million-a-year debt service.

According to Giuliani, the teams would sign 35-year leases with no-escape clauses. The Yankees' current lease with the city expires after the 2002 season.

The outgoing mayor insisted the stadium deal would pay for itself. Administration members said the roofs would allow year-round use of the stadiums, and would help lure major events to the city.

New York is one of the four finalists to make the U.S. bid for the 2012 Olympics.

According to the mayor, the stadium proposals would not create any new taxes.

Yankee Stadium, opened in April 1923, remains one of the sport's sacred cathedrals -- a direct link through baseball history, from Ruth to DiMaggio to Mantle to Jackson to Jeter.

Although renovated in the mid-1970s, it has remained in the same location at 161st Street in the Bronx. The Yankees have repeatedly complained about traffic and parking problems with that site, although the complaints waned as the team attendance climbed above 3 million the last three seasons.

Shea's history is less illustrious. Opened in April 1964, it became home to the National League expansion team created to fill the void left when the Brooklyn Dodgers and New York Giants abandoned the Big Apple in 1957.

 

if they do build them i hope it doesn't get them the olympics over us....... guliani waited late to do this.. so now the new mayor has to make the deciscion.. and it's a no win thing for him.... if he doesnt approve it all the yankee met guiliani supporters etc wil be upset.. and if he does approve the deal it may hurt the city .....

seems like a bad time though for the city to be getting ready to spend all that cash..

 

I dunno, this might not be a bad thing. 6 years of construction/design/development provides quite a few jobs for the city. I don't know what type of unemployed (high-tech, skilled, blue-collar, etc) they have, but it could be the perfect time to spend the money. It's basically pumping $1 billion into the local economy over 6 years.

 

It's amazing how a stadium for the Yankees is an obvious decision (and the Mets to a lesser extent) but for the Twins or the Hornets or the Magic or the Saints...it's not as clear cut.

If just about any other team wanted an $800 million stadium (that's twice what Reliant stadium is costing and even $200 million more than the proposed new Red Sox park), they would get laughed out of town. Wierd.

 

<B>If just about any other team wanted an $800 million stadium (that's twice what Reliant stadium is costing and even $200 million more than the proposed new Red Sox park), they would get laughed out of town. Wierd.</B>

The world is more expensive in New York. Everything from food to housing is pricier. Why would a stadium be any different? Besides that, there are also far more people to split the cost in NYC than in Charlotte, Orlando, or New Orleans. If you tried to build a $100 million stadium in Midland, you'd be laughed out of town too!

 

jeff.. i looked into this some back in the SOR day.. and i know you did a lot more reserach than me probably..

if i recall right we discussed on the board before how expensive the stadium in seattle was at 400+ mil.. .. i dont believe any other stadium costs near 800 million..... new york just ripping off people or what?

it's more expensive in new york but it shouldn't cost them that much more.. i belive there is like one company that seems to do all the retractable roof stuff.. they just charage double when they go to new york or something..

 

major.. true. but i dont know how many of those who lost their jobs from WTC etc know how to build stadiums..

 

<B>major.. true. but i dont know how many of those who lost their jobs from WTC etc know how to build stadiums..</B>

Yeah, I wasn't really sure what types of jobs were lost due to this (I'm guessing there's a large mix). I assume the actual jobs based in the WTC are still there elsewhere. There's some travel jobs and such from the airlines, of course. But the housing market probably slowed as well, so those types of construction workers may have lost jobs and could be well-served. Ultimately, though, that billion will flow into the city and hopefully create some new jobs by increasing spending and thus demand. I don't know how big NYC's output is, though, so I'm not sure how much effect $1B would have.

 

Why can't the Yankees and Mets share one stadium? On days where both are home, games can start at 12 PM and 7:30 PM with the Yankees and Mets alternating day night. That would allow enough time for extra innings.

 

Why would the Mets and Yankees want to do that?

I don't even think the fans would want to do that since each team has an identity with their parts of the city...

Anyway, there's no way the Mets or Yankees would do it, Steinbrenner would just threaten to go somewhere else before he'd agree to that.

 

Well, it would save the city 800 million. The Lakers/Clippers and Giants/Jets share the same buildings but then they don't play games on the same day. I think it would be cool if they could share a stadium in Manhattan. Of course I don't know how New Yorkers would feel about it.

 

Steinbrenner woudln't threaten to go elsewhere i dont think... he wouldn't make near as much soemwehre else..

 

I'm sure a city out there somewhere would empty the vault to attract the Yankees as their baseball team, but I don't think the city of New York would ever want to risk losing the Yankees, so they would do whatever George wanted...

 

major.. thats' true. i was just saying they could spend it elsewhere. because i was watching a show yesterday about the long term health problems those fire fighters may have etc. and them wanting their families to be supported etc if they aren't aroud in a few years to support them . just seems at a time of crisis like new york is under now there are other things that the money could be spent for ..

in houston's case that money could only be spent for stadiums.. in new yorks' case i believe that money could be spent for other things.. just doesn't seem like the city should be shelling out 800 million for stadiums right now.

 

band geek mobster.. but everyone in baseball is upset because new york has so much more money to pay players etc.. there is no market near what he would have in new york so there is no way he'd leave.. where would he go.. virginia lol

 

I just think the threat of leaving would make the city of New York satisfy George.

I mean imagine how depressing that would be if the Yankees left New York, they'd do everything possible to keep the Yankees.

I've only said this under the assumption that New York will only pay for one stadium and ask that the Mets and Yankees share it.

I'm sure if George said he wouldn't share and New York could only afford one stadium, then the Mets would be the ones to be without a stadium, since most New Yorkers are Yankees fans...

 

i just dont think he'd have much of a choice.. because there is no other city he could make half as much in that wants a team..

 

The key to the Yankee's success isn't the city, necessarily, it is Steinbrenner's TV/Radio deal. It is one of the most lucrative individual deals in all of sports let alone baseball. That is why he has so much to spend on players. No other city could offer that which is why Stein and the boys ain't goin' anywhere.

I guess my thought here was the point that Rocket Fan made. No other stadium outside of NYC comes close to costing this much. Staples Center was $300 million. Jerry Jones wants $500 million for a new stadium in Dallas. Boston has suggested $600 million. But, nothing comes close to $800 million and to spend that amount TWICE AT THE SAME TIME while needing an estimated $34 BILLION to recover from the WTC disaster seems unreal.

I realize that NYC is NYC and that they are unique. I just find it interesting that "civic pride" actually counts for $1.6 billion in NYC when it often counts for much less if anything in other cities. We are spending $1 billion on 3 stadiums for 3 (possibly 5 - NHL and MLS) separate sports nevermind the Olympics. This is $1.6 billion for 2 stadiums in the same sport while the city recovers from the worst disaster (and most expensive) in its history. Just seems rather ironic.