Gov. Andrew Cuomo unveiled plans Wednesday for the New York Islanders' return to Long Island.

A new arena is slated to be built next to Belmont Park, along with space for a new hotel, restaurants, and stores as part of the $1 billion development plan.

The group New York Arena Partners, a development group anchored by the Islanders, will lead the plan, after winning the bidding to develop land next to the racetrack, just across the Queens border in Nassau County.

Cuomo said this will strengthen the economy and drive tourism to Nassau County.

"It is a win for the team," Cuomo said. "They're going to have their own arena, an 18,000-seat arena that is designed for the Islanders, by the Islanders."

"For our fans, this day is for you," said Islanders owner Jon Ledecky. "You've been passionate supporters for the team, both on and off the ice. Today is a huge day for this franchise, and you deserve it more than anyone else."

The plan is expected to create more than 12,000 construction jobs and 3,000 permanent jobs.

The Isles left Nassau Coliseum for Brooklyn in 2015, but sharing the Barclays Center with the Brooklyn Nets did not score well with many fans, who complained about poor sightlines, obstructed views, and the long commute from Long Island to the Barclays Center.

In addition to hockey, the arena is expected to be used for concerts and other events. New York Arena Partners is slated to finance the entire project and pay as much as $40 million in rent over a 49-year lease with the state.

Cuomo said he hopes the Islanders will play at Nassau Coliseum during the new arena's construction, but no decision has been made on that at this time.