The Edmonton Downtown arena, or simply a new Edmonton arena, is the name being used for a new multi-use indoor arena in Edmonton. Once completed, it will replace Rexall Place as the home of the NHL's Edmonton Oilers. The arena will be located at the block between 101 and 105 Streets and 104 and 105 Avenues.
The arena was initially estimated to cost $480 million. The city of Edmonton was to pay $125 million, the Katz Group was to contribute $100 million, and $125 million was to come from a user-paid facility fee.
All in, $601 million. That breaks down as:
- Arena construction, $480 million
- Winter Garden pedestrian bridge across 104th Avenue, $53 million
- Arena land, $25 million
- Community rink attached to arena, $21 million
- Pedestrian corridor through the arena, $15 million
- Link to MacEwan LRT station, $7 million
The remaining money was expected to come from the province or federal agencies. Estimated cost then increased substantially during latest round of discussions.
A new agreement was reached on January 23, 2013 between the two parties on moving forward with the arena. Construction of the new arena is due to break ground in the summer of 2013.
The arena is estimated to increase the value of real estate within a 1-mile (1.6 km) radius by tens of millions of dollars according to University of Alberta economist Brad Humphreys. It is expected that it will be a driver in revitalizing many of the inner city neighborhoods.