Construction is expected to start this summer on a new downtown Edmonton arena following Edmonton city council's approval of an agreement between the city and the Katz Group, which owns the NHL's Edmonton Oilers.
The deal will give the city a new $480 million arena that will be owned by the city and run by the Katz Group.
Additional capital costs over the initial $450 million arena cost will be split 50/50 by the city and the Katz Group. The overall development is more than an arena: it is a multi-use project that will embrace retail, residential and office development.
"I am pleased that we have been able to reach an understanding that is both competitive and reasonable, and will sustain NHL hockey in Edmonton long term," said Edmonton Mayor Stephen Mandel.
The plan is that construction would be complete by 2016. "This is a milestone agreement for a world-class facility that will drive the ongoing revitalization of downtown Edmonton," Daryl Katz, chair of the Katz Group, said in a statement. "It also helps to ensure the Oilers' long-term sustainability in Edmonton. This has been a challenging process for all concerned but we are confident we will all look back with pride and satisfaction at what we have achieved. This is a great day for Edmonton."
from Western Investor March 2013
