New York Cosmos propose $400M soccer stadium

The New York Cosmos are set to play at Hofstra but could be getting a new $400 million stadium. (Janette Pellegrini)

Officials from the New York Cosmos proposed on Tuesday a $400 million soccer stadium in Elmont, New York. Construction would be complete by the end of 2015 with the facility open for business in spring 2016.

According to Robert Brodsky of Newsday, the stadium would be privately funded, seat 25,000 people and be located in Belmont Park, home of the Belmont Stakes.

Seamus O'Brien, chairman and CEO of the Cosmos, called it a win-win situation for all sides:

"Belmont is an ideal location and a win-win for everyone involved. Nassau County and Elmont will realize much-needed economic growth, and local residents will have a place to eat, shop and play all year round."

The Comos' new home would be situated on a 28-acre parcel of land in Nassau County and would be a part of a larger state economic plan that includes  a 175-room hotel, restaurants, retail stores and a public park.

The Cosmos kick of their inaugural season this year as part of the USSF Division II North American Soccer League. The team was popular in Nassau County in the 1970s, boasting Pele as one of its players, who is now the team's president. The franchise closed up shop in 1984 but started up again last year. Their current home games are scheduled to be played at Hofstra's James M. Shuart Stadium.