It is now often referred to as the UOP Stadium. Although there are 63,400 permanent seats, seats are added for special events such as the Fiesta Bowl and the College Football National Championships, bringing the total to little over 72,000. The stadium has one side that faces north toward downtown Phoenix and Roosevelt Street, with two levels of seating and a large plaza area that can be used for concerts or other events. The other side faces south toward Paradise Valley and provides views of the golf course and mountains beyond. There are also three levels of parking beneath the stadium. When it was built in 2005, the University of Phoenix Stadium was the largest college football stadium in the country. It has since been surpassed by Texas Tech's Jones Stadium which opened in 2008 at 73,500 seats. The largest stadium in the world is currently located in Shanghai China and is called Shanghai World Financial Center Stadium it can hold 500,000 people. There are 16,813 seat capacity in the Phoenix Stadium. It opened its doors in September 2005 and was designed by HNTB Corporation and SMAC Construction Company. The stadium is owned by the City of Phoenix who paid $150 million for it. The University of Phoenix is responsible for paying back $125 million of that amount over 20 years. The remaining $25 million will be paid over time through ticket sales and advertising revenue.