To me, the only way that it makes sense to make major renovations is to go so far that it changes the economic model of the stadium. Here's what I think it requires:
1: A permanent bleacher structure in both endzones. Not only does this increase seating, it also can massively change the acoustics of the place. The only thing preventing concerts is sound bylaws that require concerts to end by 9pm (most summers, the site hosts a few daytime concert events). The city is reluctant to issue exemptions because it's so loud, but changes to the stadium layout would change that. Work with the city to come up with target noise levels that will allow them to lift the noise bylaw for an agreed number of days.
2: Enclosed and expanded concourse. The concourse right now is the biggest thing that prevents year-round use of the stadium. Even at Stampeders games, fans stay away from cold weather games in large-part because there's no place to go warm up, and the concourse is both cold and crowded. An improved concourse would not only be a benefit to Stampeders games, but would make it a year-round facility. Imagine what a great hockey event hosting facility it would be if you put four or five rinks on the field, along with an improved concourse and an arena configuration that would cut-down on wind at ice-level. It could be used constantly from November to March in that capacity.
3: Additional indoor facilities. There's more money to be made in luxury suites of course, but they should also look at having additional indoor conference facilities, so that the site becomes a great tradeshow/event hosting site; there's a lot of money to be made in conference and event hosting... a place like the Rogers' Centre fills up a lot of open dates on their calendar with private and corporate event hosting, and additional indoor facilities would allow McMahon to be more versatile for that audience.
4: Lastly, a partial roof, similar to many european soccer stadiums, would ensure that there's some security that even in awful weather, there's partial weather protection. I don't think we need a full retractable roof or dome or anything like that in Calgary, but a partial roof would make a huge difference.
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