Calgary arena deal reached, will be built in Rivers District

The City of Calgary has signed a deal paving the way for construction of a new arena.

The City of Calgary has signed a deal paving the way for construction of a new arena. 

The city has reached agreements, in principle, with the province, Calgary Sports and Entertainment Corporation (CSEC) and the Calgary Stampede to proceed with the creation of the Culture + Entertainment District in downtown Calgary, in the Rivers District, including a new and publicly-owned event centre.

The deal is valued at $1.2 billion.

The city is contributing 44 per cent, or $537.3 million, and 56 per cent is being contributed by both the province ($330 million) and CSEC ($356 million).

Mayor Jyoti Gondek made the announcement at a Tuesday afternoon news conference on the corner of 14 Avenue and Fifth Street S.E., close to the aging Saddledome.

Gondek was joined by Premier Danielle Smith and event centre committee chair Coun. Sonya Sharp.

In addition to the new arena, the deal includes the creation of public amenities and public infrastructure, including a new community rink, and improvements to public spaces.