Aloha Stadium Authority has announced that the Hawaii government will not advance plans to develop the new Aloha Stadium and surrounding area through a public-private partnership (PPP).
A cost analysis for the project from PFM Financial Advisors LLC found that the government's 30-year cost of the new stadium, including financing and maintenance costs, would be US$1.49 billion under the long-standing plan or almost US$460 million more than the price of US$1.03 billion if the state had no private partner. The plan, which was abandoned, called for the development of the site in two directions - the construction of the stadium and the development of the surrounding entertainment area, which is now an empty stadium parking lot.
The new construction plan is for the state to hire a design team to design and build the stadium before operating and managing it. The managing organization will continue to receive most of the revenue from the new stadium. They want to develop the development in 2 stages: in the first stage, the state will spend the already allocated US$350 million for the construction of the stadium, and then continue the development of the entertainment district.
Under the new plan, the stadium could be smaller than the currently projected 35,000 seats. The construction of the parking lot around the stadium will also be postponed to a later date.
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