The $1.3 billion hockey arena and retail development near Belmont Park will include what Gov. Andrew Cuomo said is the first new Long Island Rail Road station in nearly a half-century.
Cuomo announced Monday that New York Arena Partners—the development group seeking the build the project on state land next to the Belmont Park racetrack—has agreed to pay $97 million of the $105 million required to build the station. State funds will cover the rest for what will be called the Elmont station.
The development group is a partnership of the owners of the New York Islanders, Mets and development company Oak View Group, Newsday reported. The plans include a 19,000-seat arena for the Islanders, a 250-room hotel and 350,000 square feet of retail.
The developers won’t pay their full share of the train station upfront. The state will cover $75 million initially, with the private ownership paying $30 million upfront and then paying back the remaining $67 million over time, according to Newsday.
The train station will be located between the Queens Village and Bellerose stops on the LIRR’s Main Line. State officials expect the extra station will relieve pressure on the existing Belmont spur station during the Belmont Stakes and other large events. The current Belmont station will remain open but is only equipped to handle seasonal service.
The new station is expected to open for eastbound service—from Manhattan to Long Island—in 2021, in time for the first season developers hope the Islanders play in the new arena.
Cuomo also released an analysis Monday on the project from BJH Advisors, which estimated the new arena, hotel and shopping will generate nearly $50 million in new public revenue per year and produce $725 million in annual economic output.
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