RC107 JulyAugust2023 - Magazine - Page 7
CALGARY INKS $1.22B DEAL FOR NEW ARENA
The City of Calgary, the
Province of Alberta,
and the owners of the
Calgary Flames have
all tentatively agreed
to replace the aging
Saddledome with a new
$1.2 billion arena.
CITY OF CALGARY
THE CITY OF CALGARY has reached agreements, in principle,
with the Province of Alberta, Calgary Sports and Entertainment Corporation (CSEC) and Calgary Stampede (CS) to
proceed with a significant phase of the Culture + Entertainment District, located in The District, downtown Calgary.
This area will feature a suite of public amenities and public
infrastructure, including a new community rink, improvements to public spaces and connections to The District, and
commercial opportunities, all of which will be anchored by a
new publicly owned modern Event Centre.
“This project is another signal to the market that Calgary
is making strong investments in its future. The partnership
approach we have taken accomplishes two things: we are
building an event centre, and we are also creating the public amenities needed within the Rivers District to enhance
quality of life for all Calgarians,” said Calgary Mayor Jyoti
Gondek.
Under the Memorandum of Understanding (MOU), the
provincial government will not be investing in the construction or operation of the arena itself. Those costs will be
borne by the city and CSEC pursuant to a separate MOU
between those parties. The province will instead contribute
up to $300 million, the majority over the next three years,
primarily committed to road and bridge construction, LRT
connection, site utilities, site reclamation and other supportive infrastructure. These investments will be critical to
the development of the entire area, will enhance access to
the Stampede grounds and the expanded BMO Convention
Centre, and ensure a vibrant downtown and Rivers District.
“We are proud and excited to be part of the group to
have established a clear path forward that provides a new
home for Calgary’s sports teams; the venue to host A-class
concerts and events; and a community gathering place, for
many years to come,” said John Bean, president and CEO,
Calgary Sports and Entertainment Corporation.
As part of the agreement, the province would also
partner with the city to build a new 1,000-seat community
arena neighbouring the main arena that will serve youth
and amateur hockey. The province’s contribution would
be up to $30 million.
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JULY/AUGUST 2023 – RENEW CANADA 7
