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Flamengo Projects $500 Million Cost For New Stadium In Rio De Janeiro
(MENAFN- The Rio Times) Flamengo Football Club has revised the estimated cost of its new stadium project to R$3 billion ($500 million), up from an initial R$1.9 billion ($317 million). Detailed studies of the Gasômetro site in Rio de Janeiro led to the increase, confirming it as the stadium's future location.
Club president Luiz Eduardo Baptista (Bap) announced the updated figure on February 22, 2025, after Flamengo's Taça Guanabara victory. He cited the complexity of the project as a key factor.
The Gasômetro site, purchased in 2024 for R$138.2 million ($23 million), is part of Rio's urban renewal initiative. It is located in the Porto Maravilha area. Once an industrial zone, it is set to become a modern stadium with a capacity of 77,923 spectators.
The design includes 27 elevators, 16 ramps, and seating as close as 6.81 meters from the pitch. At 60 meters tall, the structure will surpass even the iconic Maracanã.
The revised budget accounts for land acquisition, soil decontamination, construction, parking facilities, landscaping, and commitments to urban integration.
Flamengo has engaged Arena Events + Venues for technical studies and Fundação Getúlio Vargas (FGV) for economic analyses. Results from these studies are expected within 60 days.
To fund the project, Flameng anticipates R$1.5 billion ($250 million) from naming rights over 20 years and additional revenue from premium seating and luxury suite rentals. The club also plans to leverage construction potential certificates (Cepac), potentially raising R$500 million ($83 million).
Scheduled for completion by November 15, 2029-Flamengo's 134th anniversary-the stadium aims to enhance matchday experiences while revitalizing its surrounding area. However, managing costs and ensuring community benefits remain critical challenges for this ambitious venture.
Club president Luiz Eduardo Baptista (Bap) announced the updated figure on February 22, 2025, after Flamengo's Taça Guanabara victory. He cited the complexity of the project as a key factor.
The Gasômetro site, purchased in 2024 for R$138.2 million ($23 million), is part of Rio's urban renewal initiative. It is located in the Porto Maravilha area. Once an industrial zone, it is set to become a modern stadium with a capacity of 77,923 spectators.
The design includes 27 elevators, 16 ramps, and seating as close as 6.81 meters from the pitch. At 60 meters tall, the structure will surpass even the iconic Maracanã.
The revised budget accounts for land acquisition, soil decontamination, construction, parking facilities, landscaping, and commitments to urban integration.
Flamengo has engaged Arena Events + Venues for technical studies and Fundação Getúlio Vargas (FGV) for economic analyses. Results from these studies are expected within 60 days.
To fund the project, Flameng anticipates R$1.5 billion ($250 million) from naming rights over 20 years and additional revenue from premium seating and luxury suite rentals. The club also plans to leverage construction potential certificates (Cepac), potentially raising R$500 million ($83 million).
Scheduled for completion by November 15, 2029-Flamengo's 134th anniversary-the stadium aims to enhance matchday experiences while revitalizing its surrounding area. However, managing costs and ensuring community benefits remain critical challenges for this ambitious venture.
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