A proposal by the New York Cosmos, the city’s legendary team from the 1970’s, for a brand-new 25,000 seat soccer stadium and development at Belmont Park, may sink Major League Soccer’s plans to build a stadium on city land in Flushing Meadows-Corona Park.

The $400 million, privately funded proposal named “Elmont Town Crossings” was submitted Wednesday by the Cosmos to the Empire State Development Corporation for review. The development would be located on the Queens-Nassau border and would feature almost 250,000 square feet of retail space, a 175 room hotel, a public soccer field and a 4.3 acre park.

A decision is expected to be made within 90 days and may play a major role in the level of continued support for any new Flushing-Meadows stadium.