The stadium will be across from Highmark Stadium, which was built in 1973.
The 60,000-seat stadium is expected to cost $1.54 billion, making it the largest economic development project ever in Western New York, according to Hochul's office.
"This place is not going to just represent a fantastic state-of-the-art facility. It does represent dreams to be realized and memories to be made and stories to be told. And of course, many, many victories to be celebrated," said Hochul.
The new stadium is expected to open in 2026.
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