Yankees polish a new diamond

BY STEVE ZIPAY | STAFF WRITER

June 16, 2005

A model of the proposed new $800 million Yankee Stadium. The new home of the New York Yankees will be built on land next to the existing ballpark and will keep a lot of the traditional elements of the old design. (Getty Images Photo)

The Yankees unveiled their much-anticipated plans for a new stadium yesterday -- a spectacular arena that strives to recapture the ambience of the original historic ballpark, but that also features the kind of amenities that can support the high cost of baseball today.

The stadium project will cost more than $1 billion -- the most expensive in major-league history.

Yankee officials, along with an all-star lineup of state and local leaders, made their announcement from the current Bronx stadium, a deteriorating cathedral of baseball built in the days of Babe Ruth.

"We love this place. We honor its memories," said Yankees president Randy Levine at yesterday's gathering. "Today's announcement is not the end of the legacy, it's a continuation of one.

"This building, as great and glorious as it is, unfortunately is becoming nonfunctional. It cannot go on for another 40 years. To rebuild it, or extensively renovate it, is cost-prohibitive."

Instead, the Yankees have promised to provide $800 million to construct a ballpark that officials envision as the centerpiece of an ambitious South Bronx redevelopment plan, one surrounded by street life, stores, food vendors, parks -- and parking garages to hold 4,000 or 5,000 more cars.

Designed by HOK Sport using the original renderings from 1923, the ballpark will feature a replication of the copper frieze atop soaring limestone and concrete exterior walls north of the current site, between 161st and 164th Streets.

Inside, the current stadium's three steep decks won't be replicated. The park will have 30,000 lower-tier seats and 20,000 in an upper tier, with a gentler slope, allowing better sight lines, and will be encircled by wide, open concourses so that fans at concession stands won't miss a pitch.

The dimensions of the diamond will remain, but a restaurant will replace the seatless black section of centerfield, allowing easy access to Monument Park beyond the fence.

The stadium is expected to be completed by 2009.

In its role in the partnership, the city will provide $135 million to develop 28 new acres of parkland, including a new six-acre park on the Harlem River, a track, new tennis and basketball courts and a soccer field to replace Macombs Dam and John Mullaly parks, where the new stadium will rise.

The shell of the existing Yankee Stadium will remain, New York Mayor Michael Bloomberg said, and the field will be used for Little League and high school games and maintained by the city.

The state will provide $70 million to pay for the garages along 164th Street and some road work.

"In effect, the community is a co-developer with the Yankees," said Bronx Borough President Adolfo Carrion. "This is the way we ought to develop in this city."

Bloomberg estimated the project would generate $350 million in new revenue over the next 30 years, create 3,600 construction jobs and 500 to 1,000 permanent jobs beyond the 700 to 800 jobs the stadium currently provides.

To finance the construction, the state and city will create a local development corporation to issue tax-free bonds, which will be paid off by the team, saving the team more than $12 million in taxes.

The Yankees will pay the upkeep on the current stadium, which Bloomberg said would save the city $30 million over the next five years.

The City Council and State Legislature must still approve the plans, but everyone involved yesterday expected little resistance.

Bloomberg said he hoped groundbreaking could occur next spring.

Yankees principal owner George Steinbrenner did not speak during the first part of the lengthy news conference and answered only a few questions afterward.

He said a retractable dome was discussed, but proved too expensive, noting to laughter, "$800 million is a lot of money."

"Owning the team, to my family, is very important," Steinbrenner said. "This is a great heritage and a great place to play in the Bronx. We want to do something for the people here that support the team."