Etihad Park Begins Construction: NYCFC's New Soccer-Specific Stadium
Deal News | Dec 04, 2024 | New York City Economic Develop
In a significant urban development announcement, New York City Mayor Eric Adams, along with key political and community figures, marked the groundbreaking of Etihad Park. This stadium, the first professional soccer-specific and entirely electric facility in New York, is scheduled to be ready for the 2027 Major League Soccer season. The groundbreaking ceremony underscores a larger transformation project aimed at revitalizing Willets Point, Queens. The expansive development plan encompasses Etihad Park, 2,500 units of affordable housing, a 250-room hotel, and a new public school, among other amenities, creating both temporary and permanent jobs. NYCFC, which pledged to build this stadium a decade ago, aims to lay the foundation for New York City as a soccer and sports hub. Private financing for the stadium, arranged by J.P. Morgan, highlights a public-private partnership model aiming to foster economic growth without imposing a financial burden on New Yorkers. The project is expected to generate over $6 billion in economic impact over the next 30 years.
Sectors
- Sports and Entertainment
- Real Estate and Construction
- Public Infrastructure and Development
Geography
- United States – The project is happening in New York City, specifically in the Queens borough, part of the USA, marking a significant urban and economic development venture.
- New York – The transformation and development are localized to New York, specifically targeting Queens, earmarked as a significant sports and cultural hub.
Industry
- Sports and Entertainment – The development of a soccer-specific stadium directly involves professional sports and enhances the entertainment sector in New York City.
- Real Estate and Construction – The project involves the construction of not just the stadium but also housing and commercial facilities, reshaping the Willets Point area.
- Public Infrastructure and Development – A significant component of the project is rebuilding and developing Willets Point's infrastructure, aiming to integrate with public amenities such as housing and schools.
Financials
- $3 billion – Total cost of the Willets Point transformation project including the stadium.
- $6.1 billion – Projected economic impact over the next 30 years from the Willets Point project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New York City Football Club (NYCFC) | Investor/Developer | Company | NYCFC is financing and responsible for developing the first-ever soccer-specific stadium in New York. |
| Eric Adams | Mayor | People | The Mayor of New York City, instrumental in the Willets Point transformation plan. |
| Francisco Moya | Councilmember | People | New York City Councilmember heavily involved in the project, representing the district hosting the stadium. |
| New York City Economic Development Corporation (NYCEDC) | Economic Developer | Company | A nonprofit driving the economic development strategy in New York City, involved in this project. |
| J.P. Morgan | Financial Advisor | Company | Arranged the private financing for the Etihad Park stadium. |