The ACT could save more than $60 million if it pushed forward construction of a square stadium in Civic.
A government-commissioned study provided to The Canberra Times shows the government's preferred option of a city stadium seating 25,000 people would be feasible and slightly cheaper than building at EPIC.
However Chief Minister Andrew Barr maintains the stadium is part of the government's longer-term infrastructure goals, not likely to become a priority until after 2025.
Building a stadium at the current Civic pool site would come with some significant challenges, the report revealed.
The National Capital Plan would need to be changed to allow the necessary height of the roof, which would exceed the allowed 25 metres.
There would be no on-site car parking, instead relying on existing city parks and public transport.
Future upgrades of Parkes Way would need to be coordinated with the development of the stadium, with a realignment of the road needed to fit the stadium on the small site.
But the Civic option would provide better economic and social benefits compared to an EPIC location.
"A stadium in the city area will complement existing entertainment facilities and may offer a good opportunity for added economic stimulus and precinct enhancement through new developments," the report said.
The study compared four different options for a stadium in the city, with the preferred option a unique design unlike other venues in the country.
The north and south grandstands would be single-tiered and the east and west stands two-tiered.
A civic stadium opening in 2027 would cost about $582 million, but if it opened by 2032 the cost would be closer to $645 million.
It would take about six years to go from pre-feasibility planning to the end of construction.
Should a stadium be built by the earliest proposed time frame of 2027, building would need to begin in 2024.
The study found that a stadium at either EPIC or Civic would be feasible, with the city site providing extra challenges.
An indoor rectangular stadium on the site of Civic pool has long been earmarked as the possible future home for the Brumbies, Raiders and, potentially, a Canberra A-League soccer team.
The existing GIO Stadium at Bruce is home to the Canberra Raiders and the ACT Brumbies. It also hosts other major sporting events, such as international football.
The ACT government leases the venue from the federal government, which is considering options for redevelopment after the current lease expires in 2024.
Chief Minister Andrew Barr told estimates hearings last month the stadium was unlikely to go to market before 2025.
"From the government's perspective, it sits behind the theatre precinct," he said.
"We are talking about the theatre precinct being a 2024 to 2026 proposition in terms of commencing construction and conclusion.
"So it is hard to see a stadium going to market before the middle of the decade.
"Plus, of course, we still need to answer the question of whether you would incorporate a pool within the stadium precinct as well. It could be done. It would add to the cost but it could be done."
Brumbies chief executive Phil Thompson said a new stadium in the city built by 2027 would help Canberra's chances of hosting games at the Rugby World Cup, which Australia is bidding to host.
"The location of the new stadium is key," he said.
"The economic benefit for the whole city would be enormous.
"It would be beneficial to the major sporting teams in Canberra and also to the Canberra community."
The government spent about $200,000 on the study conducted by consultants ARUP, which was completed in October last year.
The Civic pool has long been the government's preferred location, but concerns about the cost of realigning Parkes Way and the orientation of the rectangular venue led to Exhibition Park emerging as another option.
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