Getty Former Mets owner Fred Wilpon is involved in the project to revitalize Willets Point with new housing and a soccer stadium for NYCFC.
This offseason has been relatively quiet for the New York Mets and their on-field changes, but the neighborhood around the team’s Citi Field appears headed for major upgrades.
Willets Point, the industrial area that surrounds Citi Field in the New York City borough of Queens, is set to undergo a redevelopment project that includes a new stadium for NYCFC of Major League Soccer. NYCFC alongside real estate developers Related Companies and Sterling Equities have paid $12.3 million to purchase an additional 19,800 square feet of land in Willets Points as reported on January 18 by Queens news outlet QNS.com.
The land will be used as part of the Willets Point Revitalization Plan which includes 2,500 affordable housing apartment units, retail space, 40,000 square feet of public open spaces, a 650-seat public elementary school and a 250-room hotel. That’s all in addition to the NYCFC stadium, which is set to open for the 2027 MLS season and seat 25,000 fans.
Willets Points is known locally as “the Iron Triangle” due to being filled with automobile shops and junkyards. Author F. Scott Fitzgerald famously referred to the area as the “Valley of Ashes” in his 1925 novel “The Great Gatsby.” The office for NYC Mayor Eric Adams recently said that the Willets Point project is projected to generate a $6.1 billion economic impact.
City Football Group is the majority (80 percent) owner of NYCFC, but the remaining 20% of the club is owned by Yankee Global Enterprises—which would mean the Mets’ crosstown rival would have financial interest in the area around Citi Field should NYCFC’s stadium plan be completed.
Citi Field has been a part-time home for NYCFC since 2022. The soccer club has also played home matches at Yankee Stadium in the Bronx and Red Bull Arena in New Jersey.
Mets Fans Have a Longtime Connection to Sterling Equities
Among the real estate partners breaking ground on the Willets Point project is Sterling Equities, which is owned by the Wilpon family. The firm was co-founded by Saul Katz and Fred Wilpon, who bought an ownership stake in the Mets in 1980.
Fred Wilpon and his family were the majority owners of the Mets from 2002 until 2020 when they sold the club to current owner Steve Cohen. So after decades of owning the Mets, it’s interesting to see the Wilpon family commit to redeveloping the team’s backyard. Sterling Equities also still has majority control of SNY, the local broadcast home of the Mets.
Mets Owner Also Pursuing Casino Near Citi Field
NYCFC’s soccer stadium is not the only sports and entertainment addition that could be coming to the area around Citi Field. Mets owner Steve Cohen unveiled plans in November for Metropolitan Park and his plan to invest $8 billion towards building a new complex around Citi Field with a casino, restaurants, bars, a music venue, hotel, playgrounds, and athletic fields.
Cohen is partnering with Hard Rock International in his bid to make Metropolitan Park a reality. However, his casino vision would need approval from New York gaming regulators and politicians who plan to give three casino licenses. Politico reported on January 22 that gambling firm Bally’s has proposed plans to build a casino in the Bronx not far from Yankee Stadium.
After missing the playoffs last year and finishing under .500, the Mets’ main offseason additions include starting pitchers Sean Manaea, Luis Severino, and Adrian Houser, alongside outfielders Harrison Bader and Tyrone Taylor.
Cohen is entering Year 4 of his Mets ownership tenure, which he began by saying in 2020 that it would be “disappointing” if he did not deliver a World Series within five years.