Late spring brought a bloom for the future of downtown Edmonton, when the city finally confirmed all necessary funding for a new downtown arena project. Construction on the $604 million project - a price that includes everything from LRT improvements to $70 million for an indoor winter garden and pedestrian corridor - is expected to start in 2014.
The City of Edmonton will borrow about $540 million for the arena. The money is to be paid back with everything from lease revenue from the Edmonton Oilers NHL hockey team to tax revenue collected under a revitalization levy framework.
"This building will become a beacon in our downtown and will spark further development and investment in the heart of our city," said Edmonton Mayor Stephen Mandel. "This project is, without a doubt, the most significant investment in our downtown in the last decade."
from Western Investor July 2013
