Officials say the $563-million BC Place renovation is on time and on budget.

The facility is set to reopen on Sept. 30 and reporters were given a glimpse of the new stadium on Wednesday now that the renovation is in its final stages.

PavCo chairman David Podmore said renovating made more sense than building a new stadium.

"You could not build  this facility for $563 million. This facility, when it's complete, would conservatively cost you $1.2 billion," he said.

"It's a very good adaptive reuse of a perfectly good structure that is well located, is on rapid transit, it is in the core. I think its a very solid investment for the community."

The new stadium features lots of natural light, bigger seats, a new giant scoreboard and the largest cable-supported retractable roof of its kind in the world.

Stadium to be renamed

The stadium, launched in 1983, will once again be home to the B.C. Lions and new tenants, the Vancouver Whitecaps, while trade shows and concerts will fill out its calendar.

The B.C. Lions will kick things off first with a game slated for Sept. 30, followed by the Whitecaps FC on Oct. 2 and the Grey Cup in November.

Podmore said there is one more innovation in store, to be revealed before the opening day — BC Place will also be getting a new name.

"We are in the very final stages of the negotiations for naming and we expect to have an announcement before opening."