The lifting of a decades-old deed restriction on the site of Aloha Stadium offers so many tantalizing prospects for development, it’s hard to remain level-headed about the whole thing.

Since 1967, much of the site was limited to recreational use only, per a provision in the agreement with the U.S. Interior Department to turn over 56 acres of land to the city to develop a stadium.

That restriction has left the 100-acre Halawa site woefully underused. Aloha Stadium, which opened in 1975, has gradually aged into rusty decrepitude. The swap meet, while popular, can hardly be characterized as the highest and best use of the now state-owned property.

Thanks to efforts by the state, the federal government agreed to transfer the deed restriction from Aloha Stadium to the Central Maui Regional Sports Complex, according to the state Department of Land and Natural Resources.

So with the final drafting and signing of a few documents, the shackles finally will be off. It’s no wonder that state and city planners are salivating at the prospects of transforming the prime property.

“It’s been a long journey,” said Scott Chan, Aloha Stadium manager. “This gives us an opportunity to maximize the use of the property and hopefully redevelop it.”

Two recent studies, a 2015 opportunity study by Keyser Marston Associates Inc. and a 2014 stadium study by Foley &Lardner LLP, offered broad-stroke proposals that should be explored further. Among them:

>> A new 30,000- to 35,000-seat multipurpose stadium, with modern amenities and premium seating for both sports and other entertainment events. Such a facility also could complement, or replace, some of the aging Blaisdell Center venues.

>> A critical mass of retail, dining, entertainment, housing, hotel and office development that would keep the area populated day and night, including the swap meet.

>> A multilevel parking structure, located near the emerging rail-transit station, that would free up ground space for other uses.

>> A walking path that would link the area to the nearby Pearl Harbor visitor center and historic sites, drawing tourists.

Of course, such ambitious projects heighten the importance of the Aloha Stadium rail station, which would allow a larger number of people to visit the area without adding to the already daunting traffic problem.

This is a prime opportunity for a public-private partnership, with the emphasis on private.

Even a new publicly owned stadium should require some private investment; the state can ill-afford to build a new stadium on its own, and a well-designed facility would benefit the businesses around it.

And while the overall planning process is still in the embryonic stage, the proposals so far indicate that a successfully redeveloped site will require sound business planning with realistic goals — requirements that call for flexibility by government officials working with private developers.

Nonetheless, as a TOD (transit-oriented development) site, it goes without saying that any development should include a robust affordable housing component.

Hawaii lacks an estimated 20,000 affordable units required to meet pent-up demand, and production has been painfully slow. The city and state will need to negoiate with developers to ensure that more than lip service is paid to meet this essential need.