By Daniel Massey, Crain’s New York Business
The cost of replacing more than 22 acres of South Bronx parkland displaced by the new Yankee Stadium has skyrocketed 67 percent to nearly $195 million, according to a new report by the Independent Budget Office.
Design revisions, project additions, unanticipated cleanup of hazardous materials and construction inflation have driven costs up by $78.6 million, the report said. While the Yankees are financing the stadium — with the help of city and state subsidies — the parks are being paid for by the city.
“The city pledged to provide new recreational facilities of equal or greater fair market value to those displaced,” the report said. “Since the plans were announced, the costs of these projects have risen significantly.”
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