Cost of Yankee Stadium Parks Rise: Report

The cost of replacing the parks that were demolished to make room for the new Yankee Stadium has skyrocketed to $195 million.

New York City's Independent Budget Office says that is almost $79 million over the 2005 estimate. It blames the cost overruns on revised designs, unanticipated hazardous waste cleanup and additions to the project.

The parks department said Wednesday that the city has reaffirmed its commitment to building the parks despite rising construction costs.

Mayor Michael Bloomberg's office says much of the increased cost is driven by "a dramatic expansion" of the original plan that will result in "a larger and enhanced recreation area."

The new Yankee Stadium is slated to open in April. But the budget office, in its report Tuesday, said that the eight replacement parks will not be available to the public until 2011 -- one year later than promised.

Copyright AP - Associated Press
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