Key Schedule Milestones

RFQ
Q2 2020

RFP
Q3 2020

Financial Close 
Q1 2021

 

Development
Q2 2021

Stadium Opens
Q3 2023

Utilizing our team of industry experts, we have developed a considered schedule to engage with the market in the most efficient way possible, whilst following a robust governance and consultation process. 

The pace of our schedule comes from necessity rather than ambition.  Below are some of the key schedule imperatives we must balance:

Schedule Imperatives:

Existing Stadium Condition

The NASED Project was initiated in response to the long documented challenges that the existing Aloha Stadium has been managing in regard to corrosion, technical obsolesce and general operational efficiency.

Previous studies commissioned by DAGS to assist the State of Hawaii showed Aloha Stadium is exhibiting signs of aging, code non-compliance, and amenity deficiencies. Updated structural studies concluded that the stadium currently requires approximately $300 million in critical health and safety repairs, and an additional $121 million to bring the stadium up to ADA standards and code compliance (in 2017 dollars). While serving the state and community for the past 44 years, it is well beyond its practical life as a multipurpose stadium and requires considerable ongoing investment to keep it in working order, accessible to all users, and safe to the public.

A new stadium on the Hālawa site will eliminate the deficiencies inherent with the existing facility while providing the community with a much-needed, modern, multi-purpose sports and entertainment venue for many years to come. Additionally, a new stadium would be an improvement over a renovated existing stadium at a lower cost, and would facilitate over 4 million sf of ancillary development over a 25-year period.

As time marches on, the degradation of the building continues and so this has led the State to undertake an aggressive schedule to mitigate any further issues with the existing asset.

Financing

The NASED project obtained State appropriations under HB1586 Act 268 of the 2019 Legislative Session. As part of this Bill, the funds must be brought to bear on the project within a specific time frame.  

In addition to the potential loss of funding, time also will likely affect the predictability of the financial markets for any debt-financing increasing the risk to the project.

This further supports moving forward at our outset schedule.

Construction Markets

All major projects must wrestle with market factors and influences from commodities fluctuations, labor costs and even trade tariffs.  Collectively this is accounted for as ‘Escalation’ costs which mean the actual cost of construction goes up every year between 2 – 6% dependent on the specific market conditions.

Stadium Enterprise

2018/19 has been the strongest financial year to date for the Aloha Stadium enterprise.  It is imperative to use this backdrop of successful major events as a platform to expand and grow the venue’s profile internationally to continue to attract great program content.

Moving at pace with a contemporary Aloha Stadium fit for its purpose in 2023 will ensure Hawaii can remain a key leg in the talent circuit internationally.