82-year-old Yankee Stadium and nearby public parks to be replaced by new stadium, park space and public parking. On April 5, 2006, City Council approved 11 Parks applications related to development of a new Yankee Stadium in the Bronx, including disposition of three parcels of land to the Economic Development Corporation.

The new stadium site on East 161st Street is immediately north of Yankee Stadium’s current site. The proposal included 15.82 acres of new public park space and four new parking garages. The plan required map amendments to designate new parkland and eliminate portions of surrounding streets, as well as an action by the State legislature to eliminate 162nd Street. The plan also required two special permits for parking garages, a concession for new tennis facilities, and City acquisition of a leasehold interest in the new stadium to facilitate the financing of the project. The Yankees will fund the entire cost of the new stadium, spending over $800 million, while the City and State will provide $160 million and $70 million respectively on nearby infrastructure and additional improvements. (read more…)