Etihad Park: NYCFC Breaks Ground on City's First Soccer Stadium
Portfolio | Dec 04, 2024 | Related Cos LP/The
New York City has ushered in a groundbreaking transformation in Willets Point, Queens, with the commencement of construction on Etihad Park, the city's first professional soccer-specific stadium. This pioneering project, spearheaded by New York City FC, will be the first fully-electric stadium in Major League Soccer. It forms part of a broader development strategy by Mayor Eric Adams aimed at revitalizing the 'Valley of Ashes'. Beyond the 25,000-seat stadium, the development includes 2,500 affordable homes, a hotel, a public school, and expansive public spaces, creating countless construction and permanent jobs in the process. Set to open for the 2027 MLS season, the stadium's construction is fully financed privately, highlighting a collaboration between NYCFC and the city to bolster economic growth and community activation in a historically underserved area. The construction is expected to generate $6.1 billion in economic impact over 30 years, marking a pivotal advancement in New York's quest to become a major national soccer hub.
Sectors
- Real Estate Development
- Sports & Entertainment
- Construction
Geography
- United States – The construction of Etihad Park and associated projects is located within New York City, United States.
- New York City – The development project takes place in Willets Point, Queens, a borough of New York City, highlighting a local urban transformation.
Industry
- Real Estate Development – The article discusses the construction and development of the Etihad Park and associated developments in Willets Point, including housing and public infrastructure.
- Sports & Entertainment – The focus on building a soccer-specific stadium for NYCFC makes this relevant to the sports and entertainment sector.
- Construction – The project involves significant construction activities for the stadium and future housing, thus relatable to the construction industry.
Financials
- $3 billion – Budget for the entire Willets Point transformation project, including the stadium and other community facilities.
- $6.1 billion – Expected economic impact generated by the entirety of the project over the next 30 years.
- $780 million – Estimated cost specifically for the development of Etihad Park, the soccer stadium.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New York City Football Club (NYCFC) | Bidding Company | Company | NYCFC is leading the construction of the soccer-specific stadium, Etihad Park. |
| Related Companies | Other Company | PE | Involved in the development of the Willets Point project including affordable housing and economic growth initiatives. |
| New York City Mayor's Office | Government | Government | Oversees the transformation of Willets Point as part of the city's urban development strategy. |
| New York City Economic Development Corporation (NYCEDC) | Other Company | Company | Facilitates the economic development projects in New York City including the Etihad Park site. |
| J.P. Morgan | Other Company | Company | Arranged private financing for the construction of the stadium. |