The final board needed to approve the $1.3 billion project for the new Islanders arena at Belmont Park voted in favor of it Tuesday.

The Franchise Oversight Board, which owns the land, approved the state's environmental review on the project. The board also approved transferring the land to Empire State Development.

Empire State Development will then rent the land to the project developer, New York Arena Partners.

MORE: Empire State Development votes Yes! Yes! Yes! to Belmont Park arena project

Developers of the project plan to build a 19,000-seat arena, upscale shops, restaurants and a hotel. The project is expected to generate an estimated $858 million in revenue and create thousands of jobs.

It's unclear when construction will begin.