The City of Regina has selected PCL Construction Management Inc. as the preferred proponent for the construction of a new football stadium, which marks the next phase of the procurement process.
“To be chosen as the preferred proponent for the Regina Revitalization Initiative Stadium Project brings great pride to our organization, which has roots in Saskatchewan going back to 1906,” said Sean Hamelin, the local district manager for PCL Construction Management Inc.
“We are excited to bring our team’s expertise to the City of Regina, Province of Saskatchewan, Evraz Place, and the Saskatchewan Roughriders Football Club, and are looking forward to this opportunity.”
The decision was made by the Stadium Project Request For Proposal (RFP) evaluation team on March 14.
The decision moves the procurement process into the contract execution and financial phase.
The preferred proponent team includes:
- PCL Construction Management Inc. (Construction and Finance Team Lead);
- HKS | Sports & Entertainment (Lead Design Engineer and Sports Architect);
- B+H Architects (Architect of Record); and
- TD Securities (Financial Advisor).
The Stadium Project RFP evaluation team worked with a contracted fairness advisor and P1 Consulting to select PCL.
The team used specific criteria in reviewing each proposal including the following categories: proponent team; design capability and experience; construction capability and experience; and financial and financing information.
Financial close and finalizing the project agreement can take up to eight weeks to complete.
Once finalized, the preferred proponent will design, build and provide interim financing for the stadium project, beginning in the 2014 construction season.
Regina City Council provided formal approval to borrow $100 million as part of its plan for a new football stadium in January.
The construction cost for the stadium has been set at $278 million.
The city will pay the loan using funds from municipal taxes, a $12 facility fee tacked on to event tickets, revenues from stadium rent and monies from a recently established reserve fund.
At $12 per ticket, the stadium will need to sell 467,000 event tickets per year to generate enough funds for the loan payments.
The capacity of the stadium is 33,000 seats, but it can be expanded to 42,000.
The stadium is the keystone project and the first of three phases of the Regina Revitalization Initiative, the largest redevelopment project in the city’s history.
The Regina Revitalization Initiative includes redevelopment of the old stadium area into residential, commercial and parkland spaces.
It also includes the rehabilitation of the downtown CP container yards into similar mixed uses.
The timeline for the full project stretches to 2028.
The population of Regina was 226,000 in 2012 and is expected to reach 250,000 in 2016.
The Conference Board of Canada recently released its Metropolitan Outlook-Winter 2014, which predicts Regina’s economy will grow by 3.5 per cent in 2014.
The construction industry is expected to expand by 11 per cent.