First, any mayor overseeing, starting and/or continuing the project must commit, in writing that gives any citizen the right to enforce, to resigning IMMEDIATELY if the initial cost "estimates" are exceeded in any way.

And, so long as this is privately financed, they don't block traffic or dig up roads to get it done at any point in time, there is a private line of credit dedicated to and backing future operational costs, the facility is built in stages that make the Arena available right up to the moment the new one is opened and available for use, and the facility is made available for use/rental by the public at current rates, GO FOR IT!

Otherwise:  Why?  How much deeper into tax induced bankruptcy do Oahu residents go into?  Who wants to sit in outrageous King St., Kapiolani Blvd., Ward Ave., Beretania Street, H1, Piikoi, Pensacola, and Punchbowl traffic for the 17 years this will take?