New Yankee Stadium is a stadium currently under construction. It will serve as the home ballpark for the New York Yankees. It will replace and assume the name of the previous Yankee Stadium, built in 1923. The new ballpark is being constructed across the street, west and north of the 1923 Yankee Stadium, on the present site of Macombs Dam Park in the New York City borough of The Bronx. The new Yankee Stadium is scheduled to open on April 3, 2009 when the Yankees host one of two exhibition games against the Chicago Cubs. The first regular-season game is scheduled to be played on April 16, 2009 when the Yankees host the Cleveland Indians. Groundbreaking ceremonies for the stadium took place on August 16, 2006, the 58th anniversary of Babe Ruth's death, with George Steinbrenner (the Yankees' owner), Michael Bloomberg (the Mayor of New York City) and George Pataki (then the Governor of New York State) among the notables donning Yankees hard hats and wielding ceremonial shovels to mark the occasion. The projected total cost of $1.6 billion makes it the second most expensive stadium ever built after the new Wembley Stadium in London.