Cranes stand over downtown Jacksonville as crews work day and night on a stadium renovation with no direct precedent. The “Stadium of the Future” broke ground in February 2025 with a $1.4 billion budget, a transparent canopy meant to reduce Florida heat by 70 percent, and a 30-year lease that commits the city through 2054.
The canopy technology is a world first. That fact carried more weight than city officials acknowledged.
Public Funds and Private Ambition
Jacksonville put up $775 million in public funds to keep its only major professional sports team. That covers 55 percent of the cost, more than most cities pay in recent NFL stadium deals. The Jaguars contributed $625 million. The city’s $775 million total includes $150 million for long-overdue deferred maintenance on a stadium built in 1995.
NFL owners signed off unanimously in October 2024. The Jacksonville City Council had already passed the deal months earlier. One signature created a 30-year financial tie to the stadium, limiting the city’s future options.
Promises and Progress
In October 2025, Jaguars President Mark Lamping praised the team’s progress after the first grand staircase was completed: “It’s incredibly complex, but we’ve got such a great design and construction team, really hard-working, well-skilled construction workers that are working onsite every day and doing an unbelievable job. We encounter challenges all the time, but we’ve been able to work through all of them and are fortunate that we continue to stay on schedule.”
That staircase used over 850 cubic yards of concrete and 1,100 linear feet of handrail. Impressive, but still only a small part of the entire project. In December 2025, reports revealed $100 million in cost overruns had accumulated.
Rising Costs, Shifting Reality
By February 2026, Lamping acknowledged the shifting reality. “Our cost projections literally change in real time,” he told reporters. “(If) I gave you a number today, it’d be outdated a half hour from now. We will be over $1.4 billion.” The project ran about $100 million over budget in its first ten months, with the majority of the project still to come.
The one-of-a-kind canopy brings added cost uncertainty, since no other NFL stadium has attempted this design. Jacksonville remains locked into a 30-year agreement as costs continue to climb.
First-of-Its-Kind Risks
The ViewScape canopy sets this project apart. It is the first transparent protective shell of its kind for an NFL venue, designed to cut heat retention by more than 70 percent. That “world’s first” status means more uncertainty than a typical renovation.
Khan covers all construction cost overruns and handles 80.4 percent of ongoing game-day expenses. Supporters view the project as a chance for Jacksonville to stand out in stadium design. Innovation brings risk, and now the cost questions are real.
Big Money, Bigger Stakes
Nov 23, 2025; Glendale, Arizona, USA; Jacksonville Jaguars owner Shad Khan against the Arizona Cardinals at State Farm Stadium. Mandatory Credit: Mark J. Rebilas-Imagn Images
The original 1995 stadium cost $134 million. This renovation is more than 10.4 times that price and still rising. Khan acquired the franchise in 2011 for $770 million. By 2026, the Jaguars franchise was valued at approximately $4.6 billion.
The city’s pay-as-you-go approach is projected to save approximately $1.5 billion in debt service fees over the 30-year lease. The projected 30-year economic impact totals $26 billion. Those numbers depend on finishing the project on time and keeping costs in check.
A Season Away From Home
In 2027, Jaguars fans will lose access to their home stadium. The team plans to play one season away from Jacksonville, with Orlando selected as the confirmed destination. The team’s home games will be relocated from Jacksonville to Orlando for the 2027 season.
The Florida-Georgia rivalry game is relocated from Jacksonville during the renovation. Daily’s Place amphitheater closes for two years. Bars, restaurants, and hotels near the stadium lose a full season of game-day crowds if the team is gone in 2027.
A New Model for NFL Cities
Nov 23, 2025; Glendale, Arizona, USA; Jacksonville Jaguars owner Shad Khan (right) with Arizona Cardinals owner Michael Bidwill at State Farm Stadium. Mandatory Credit: Mark J. Rebilas-Imagn Images
This deal could change how NFL cities negotiate. Khan gave up his relocation leverage completely, committing the franchise to Jacksonville for 30 years. In return, the city took on about 55 percent of the total project cost and entered a long-term deal with little practical flexibility. Other cities may study this structure for future franchise-retention deals.
The owner takes on cost overruns. The city takes on permanence. Every dollar over budget increases the gap between the city’s long-term obligation and the team owner’s financial gains.
A Ticking Clock for Completion
Dec 28, 2025; Nashville, Tennessee, USA; New Orleans Saints defensive end Chris Rumph II (58) celebrates a sack against the Tennessee Titans during the second half at Nissan Stadium. Mandatory Credit: Steve Roberts-Imagn Images
August 2028 stands as the deadline. If that target slips, the Jaguars could spend a second year playing outside Jacksonville. Six other NFL stadium projects in Nashville, Cleveland, Washington, Chicago, Kansas City, and Buffalo all compete for labor, materials, and contractors.
Construction costs are rising across the league. The largest permit on the project, $696.5 million, was issued on February 27, 2026, sending a major share of the renovation into active construction. Cost growth is expected to slow down, but uncertainty remains. Lamping’s words linger: cost projections change in real time.
Who Wins, Who Pays?
Khan owns a private asset that continues to gain value, independent of team performance. The city is locked into a 30-year public commitment tied to the stadium deal. Khan has put over $1 billion into keeping the franchise in Jacksonville, more than he paid for the team.
He is also investing in the area around the stadium. The franchise value rises, win or lose. If the stadium opens on schedule, Jacksonville stands to become a showcase for NFL innovation. If not, the city still carries its long-term commitment.
Sources
City of Jacksonville | City of Jacksonville and Jacksonville Jaguars Present Stadium Agreement | May 14, 2024.
Downtown Investment Authority, City of Jacksonville | It’s a deal: Jacksonville City Council approves stadium agreement with Jaguars | June 26, 2024.
Jacksonville City Council | File #: 2024-0904-E | June 25, 2024.
Jacksonville Jaguars | Unanimous Vote: NFL Owners Back Jacksonville’s Stadium Transformation | October 15, 2024.
NFL | NFL owners approve Jaguars’ ‘stadium of the future’ set to open in 2028 | October 15, 2024.
HOK | Jacksonville Jaguars Unveil Plans for Stadium of the Future | June 7, 2023.
