A new civic group has been formed to oppose the $1 billion redevelopment plan for Belmont Park.

Called Elmont Against the Megamall, the group of local residents says it will “battle the state’s plan to give away valuable public property” to “out-of-town billionaires” that should instead be used to benefit the community.

An entity known as New York Arena Partners, made up of Sterling Project Development Group, Scott Malkin Group and the Oak View Group, largely funded by Madison Square Garden, is the state’s designated developer for about 43 acres of the racetrack’s property. That’s where NYAP wants to build an 18,000-seat arena and a 250-room hotel behind the Belmont grandstand and create more than 400,000 square feet of retail space to replace a little-used parking lot on the south side of Hempstead Turnpike.

Though the new opposition group claims the state is giving away the property, it’s actually agreeing to enter into a 49-year lease for the site for which the developer will pay $40 million.

Still, the new group wants to stop what it calls “a massive high-end outlet mall that will cater to out-of-towners.” In addition, it opposes the arena that would be home to the New York Islanders because it “will bring street-clogging traffic” to local roads.

“We understand the need for economic development, and we will be offering up a reasonable plan for the vacant lot south of Hempstead Turnpike that includes a supermarket desperately needed in Elmont, along with ballfields and a community center for our children,” Grisselle González Fortuna, a board member of the new group, said in a written statement. “But we cannot stand by and watch the state cater to billionaires – the Wilpons, the Dolans and the Malkins – and trash our community for the sake of profits. And we will not let our public officials give away our land without a fight.”

Attorney Albert D’Agostino, of Minerva & D’Agostino, is working with the new opposition group to help build a case against the development.

“What you have here is a case where the people don’t want something and it’s something that’s going to destroy their way of life completely,” D’Agostino said in the statement. “We’re going to make sure they have a say in what goes on in their community.”

However, a spokeswoman for Empire State Development Corp., which is spearheading the Belmont redevelopment effort, said the agency has been engaging the community since the outset of the process and will continue to do that.

“We welcome the opportunity to work with this group, just as we have other members of the community,” ESD spokeswoman Amy Varghese said via email. “Through numerous community meetings and site tours, an extensive interview process with respondents, briefings with local elected official and community stakeholders, and careful review of over 700 written comments and hours of public testimony, ESD has ensured robust community engagement at every step of the Belmont Park redevelopment process and is committed to continuing to do so. The Belmont project has already been altered in response to robust public input, and as the public review process progresses, ESD will continue to identify ways to enhance the project in consultation with the community.”

The new opposition group said it intends to work with the Belmont Park Community Coalition, the initial organization created to fight the arena project.

Tammie Williams, co-organizer for BPCC, said her group “is excited to work with anybody or group committed to opposing the Islanders arena at Belmont Park and will fight for smart community-driven development.”

The Belmont plan is currently going through an environmental review process which is scheduled to be completed next year. The arena is slated to be opened in time for the start of the 2021-2022 hockey season.