The Bloomberg adminstration announced Thursday it has reached a deal to redevelop the Willets Point section of Queens near Citi Field.

The city says the Queens Development Group -- a joint venture of the Related Companies and Sterling Equities -- will acquire about 20 acres east of the stadium.

The plan calls for retail, hotel, and commercial space along with affordable housing units.

It also calls for a retail and entertainment attraction west of the stadium.

The Willets West part of the project will convert one of the stadium's parking lots into a one million square-foot retail and entertainment center with stores, movie theatres, and public spaces.

Mayor Bloomberg says the city is now set with about 95 percent of the land needed to go ahead with the project.

"All told, this will bring $3 billion of private investment to Queens, creating 12,000 union construction jobs, 7,100 permanent jobs, and generate $4.2 billion in economic activity over the next 30 years," Bloomberg said.

The city is kicking in about $100 million toward the project, which is expected to create thousands of jobs.

The proposal would still require City Council approval

Like bloomberg asked Jagdeo and ramotar for advise.