BOSTON — The cost of demolishing the old Boston Red Sox ballpark will be covered by taxpayers and the federal government, according to an estimate released Monday.

The redevelopment of the former Red Sox stadium is estimated to cost $3 billion, according a statement from the city and the National Capital Commission.

The project includes demolition of the old Fenway Park stadium and the Boston Common, which opened in 1912.

It also includes rebuilding of the Boston Convention Center, a waterfront waterfront hotel and a new transit hub.

The $2.2 billion plan, called the BOSC Urban Design Plan, calls for $1.8 billion in public money and $1 billion in private money to cover the project.

It calls for the redevelopment of Fenway and Boston Common.

Boston Mayor Marty Walsh and the city’s Public Works Department said the $3-billion total cost includes $1-billion for private money, which is the cost to tear out and demolish the historic buildings and transform the site into a new urban development.

It also includes $500 million for public works to prepare for the reconstruction of the waterfront hotel.

The plan also includes about $500,000 for public work on the new transit system, according the statement.

The city will be reimbursed for $300,000 of the cost of the demolition, the statement said.

Boston will also get a $250,000 grant to pay for reconstruction work at the site, as well as a $500-million contribution to pay to help finance the project, according.

The demolition of old Fenways Park and the old Massachusetts Convention Center was completed in the 1990s and the project has been criticized by some for the loss of history and heritage.

The Red Sox have not announced a timeline for completing the project or the redevelopment.