Mets Unveil Huge Redevelopment Around Citi Field That Includes Hotel, Casino And The Cost Is Only $8 Billion

The New York Mets and owner Steve Cohen unveiled a plan to build a massive development around Citi Field on Tuesday, with a staggering estimated cost.

Cohen's proposal would cost an estimated $8 billion and would put a hotel, music venue and a casino at the Citi Field property. Hard Rock International would help operate the facilities, if Cohen and the Mets get approval.

In order to build on the land, the state legislature and governor would have to sign off on the plan, as well as issue approval for a casino license. A number of other applicants have already asked for a limited amount of licenses, so approval is not guaranteed.

The complex would also have 20 acres of green space, practice fields and playgrounds.

"It's time the world's greatest city got the sports and entertainment park it deserves," Cohen said, according to the New York Post. "When I bought this team, fans and the community kept saying we needed to do better. Metropolitan Park delivers on the promise of a shared space that people will not only want to come to and enjoy but can be truly proud of."

NEW YORK, NY - AUGUST 10: A plaque in the parking lot commemorates the spot of home plate at Shea Stadium on the third base side of Citi Field on August 10, 2015 in the Flushing neighborhood of the Queens borough of New York City. (Photo by Rich Schultz/Getty Images)

Cohen Plan Helps Explain Mets Purchase

While the redevelopment plan still faces several hurdles, it explains much of why Cohen invested so much in buying the Mets.

Billionaire owners have realized that much of the value to owning their teams comes from development opportunities around stadiums. The Battery district around Truist Park, the Atlanta Braves' stadium, is just one example of owners reaping huge rewards from commercial or retail buildings.

Cohen's plan would, while certainly improving the area around Citi Field, also be a cash cow that brings in recurring revenue. The hotel and casino would allow the Mets to earn revenue while the team isn't playing in the winter.

It's unclear how likely approval is from the legislature and governor, but Cohen's relationships and influence would seem to give the Mets a leg up over other bidders. In just a few years, Mets fans be able to lose money at a casino on the Citi Field property, before going to watch their team lose with the league's highest payroll. It's a win-win.