Development of Edmonton's downtown arena district along 104th Avenue moved another step closer in January, with city council voting to rezone four blocks of the city's core for a new arena district and a surrounding entertainment and office district.
The area could now potentially include a state-of-the-art venue for the Edmonton Oilers, who play in the second-oldest NHL arena.
While the rezoning is a key step, exactly who will pay for the arena itself (an estimated price tag around $375 million) is still up for discussion, with Oilers owner the Katz Group only committing thus far to about one-quarter of the building's likely cost.
The district allows for buildings as tall as 60 storeys, a big departure from the past. That's because heights had been capped by the presence of the inner-city airport, which is also being phased out and is slated for a massive redevelopment. (See update at www.westerninvestor.com.)
from Western Investor, March 2011
