The state government has put out a call to the private sector to help with design, construction and financing of the new major stadium at Burswood, while also releasing a plan that says the arena and surrounding precinct will cost more than $900 million to develop.
Premier Colin Barnett and Sport and Recreation Minister Terry Waldron today released the Perth Stadium Project Definition Plan, which estimated it would cost $690 million to construct the stadium and $70.2 million for the surrounding precinct, in June 2011 dollars.
The plan also included $142.4 million to allow for cost escalations through to completion of the stadium in 2018.
The government's statement claimed the stadium works budget came within the original $700 million in June 2011 dollars.
Mr Barnett said the stadium and sports precinct would be developed under a 'Design-Build-Finance-Maintain' model.
Treasurer Troy Buswell said the model would ensure a competitive design process that would ensure value for money.
Mr Buswell said the private sector would be responsible for the design and construction of the stadium, in collaboration with the government and major stakeholders, and also contribute finance for the project.
"The contractual arrangements will be delivered in partnership with the private sector, it will be owned and controlled by the government," Mr Buswell said.
"The state will also be the principal investor in the project and directly fund the majority of the design and construction costs."
Mr Buswell said a stadium operator would be appointed at a later date.
Tenders for pre-construction works are due to be advertised during the next month, while contractors will be invited to bid for the main construction contract before the end of the year.
Early site works are expected to begin midway through next year.