(The Center Square) – Developers of the Seattle Memorial Stadium project ensured city council members that there is little financial risk for the city if there are any cost overruns.
The city and the Seattle Public School District are funding the replacement of the 78-year-old Memorial Stadium in the Seattle Center due to a lack of reinvestment into renovations. Before construction can begin on the stadium replacement, the city and the school district must approve an interlocal agreement, which the Seattle Parks, Public Utilities & Technology Committee was briefed on Wednesday.
The One Roof Partnership – legally known as Memorial Stadium Redevelopment LLC – is the developer of the stadium. According to Rob Johnson of the One Roof Stadium Partnership, the total project is “derisked” for the public sector by having the developer take on 100% of the construction risk.
“Those public sector dollars are protected [and] capped. We are the ones on the hook if any tariff issues or cost overruns arise,” Johnson said during the committee meeting.
The stadium project has received approximately $143.3 million in funding, with the city allocating $40 million for the new Memorial Stadium as part of its Capital Improvement Plan.
Seattle Public Schools allocated $69.3 million in voter-approved funds from Seattle Public Schools’ 2022 Buildings, Technology and Academics/Athletics Capital Levy and capital funds.
While public dollars are doing most of the heavy lifting on the project, the developers were able to raise $30 million in private funding for the stadium.
Memorial Stadium Redevelopment LLC will operate the facility as a not-for-profit so that revenue will go into a maintenance fund and projects that benefit community members, such as eliminating athletic fees for students from low-income families, according to Johnson.
Groundbreaking would be set for June 26 if the interlocal agreement is approved by both the Seattle City Council and the Seattle Public School Board in early June.
Stadium demolition and construction would begin in mid-2025 with a goal of completing the stadium by September 2027, just in time for the fall sports season.
The committee did not take action on Wednesday, but is set to vote on the interlocal agreements on May 28, with a full city council vote possible on June 3.
