Q: Will the Everett downtown stadium actually get built?
A: It is not guaranteed. The city council has not given final approval, and a $38 million funding gap must be closed first. Mayor Franklin is pursuing private investment and additional public funding. The city’s stated goal is 2027 construction start and 2028 opening for both the AquaSox and a prospective USL soccer team.

Everett’s $120M Stadium Gap: A Clear-Eyed Look at What Has to Happen Before Ground Breaks

The Everett Outdoor Event Center has a big number attached to it — $120 million — and an equally big problem: a $38 million gap between what the project costs and what the existing funding plan covers. Before a single parcel is acquired downtown, before DLR Group finalizes the design, and before the AquaSox or a USL soccer team signs a lease, that gap has to close.

Here is exactly what the funding structure looks like, what needs to happen next, and what would cause the project to stall or fail.

The Funding Stack as of April 2026

The existing funding plan divides the $120 million roughly as follows: the City of Everett is responsible for approximately 45 percent of the total cost — about $54 million — funded through municipal bonds to be repaid by stadium revenue from baseball, soccer, and year-round events. The Everett AquaSox ownership group contributes approximately 9 percent, the prospective USL men’s and women’s soccer ownership groups contribute approximately 9 percent combined, the State of Washington contributes approximately 7 percent, and Snohomish County contributes approximately 4 percent.

Those percentages add up to approximately $82 million of the $120 million. The $38 million gap is the difference between that figure and the full project cost — a gap that grew from an earlier estimate because construction costs across the Pacific Northwest have risen significantly since the original financial model was built.

What Mayor Franklin Is Doing About the Gap

At her March 5, 2026 State of the City address at the New Everett Theater on Colby Avenue, Mayor Cassie Franklin addressed the funding situation directly. The city’s strategy, as she described it: pursue private investment first — regional corporations and businesses whose brands would benefit from association with a new downtown anchor venue — then layer additional public bonds if the private raise falls short.

The Everett Chamber of Commerce and the Everett Herald editorial board have both publicly backed the effort. The Herald’s editorial position is that the stadium’s role as a downtown economic catalyst justifies the funding effort; the Chamber’s is that a year-round event venue generates economic activity that benefits the entire business corridor along Hewitt Avenue and beyond.

Three Things That Must Happen Before Council Votes

City staff have been explicit about the sequencing. The council cannot vote to approve the project until: (1) a viable funding package is finalized and the $38 million gap is closed or credibly committed; (2) lease agreements with the AquaSox and USL tenant are executed; and (3) property acquisition is completed or under contract for the 28 privately owned parcels that make up the stadium footprint — everything except the buildings fronting Hewitt Avenue.

The design-build team — DLR Group as designer, Bayley Construction as builder — is operating under a Progressive Design-Build contract. As of early 2026, the design is approximately 60 percent complete. The final design and budget package, which is what goes to council, is expected soon.

The AquaSox Situation

The AquaSox have been operating at Funko Field — formerly Everett Memorial Stadium — since 1984. Funko Field does not meet the updated MLB facility requirements that have been phased in for minor league affiliates. A new stadium is not optional for the team’s long-term future as a High-A affiliate of the Seattle Mariners. The AquaSox ownership group has committed to the downtown site and is actively engaged in lease negotiations.

The USL expansion is an additional economic driver — two professional soccer teams (men’s and women’s) would use the stadium for additional dates, increasing the annual event count and the revenue used to service the city’s bonds. USL expansion decisions are pending the stadium’s approval, creating a chicken-and-egg dynamic that requires both the stadium deal and the franchise award to proceed together.

What Would Cause This to Fail

The project is genuinely at risk if the private investment raise comes up significantly short and the city is unwilling to absorb additional bonding capacity. With a 2027 construction start already the revised target (pushed from the original 2026 plan), any further delay compresses the timeline and risks the AquaSox’s MLB compliance window. Construction cost inflation remaining elevated also puts pressure on the $120 million estimate itself — if costs move higher before contracts are signed, the gap grows again.

Frequently Asked Questions About the Everett Outdoor Event Center

Q: Where is the Everett stadium going to be built?
A: Downtown Everett, on a city block excluding the buildings fronting Hewitt Avenue. The site requires acquisition of 28 privately owned parcels.

Q: Who is designing the Everett stadium?
A: DLR Group is the design architect; Bayley Construction is the builder. They were selected through the city’s Progressive Design-Build process.

Q: When would the Everett stadium open?
A: The revised target is 2028, for both AquaSox baseball and USL soccer. Construction would start in 2027 if the funding and approvals land on schedule.

Q: What sports teams would play at the new Everett stadium?
A: The Everett AquaSox (High-A, Seattle Mariners affiliate) and prospective USL men’s and women’s soccer expansion teams.

Q: How much is the City of Everett contributing to the stadium?
A: Approximately 45 percent of the $120 million total, or about $54 million, funded through municipal bonds repaid by stadium revenue.

Q: Is the stadium replacing Funko Field?
A: Yes. The AquaSox would move from Funko Field (formerly Everett Memorial Stadium) to the new downtown venue, which meets updated MLB facility requirements. The future of Funko Field after the AquaSox depart has not been publicly determined.

Related: Everett’s Downtown Stadium Price Tag Climbs to $120M | AquaSox 2026 Season Preview | Exploring Everett