Arena Deal Collapse Raises Concerns Over Future Plans for Calgary’s Victoria Park – Calgary | The Canadian News

As the deal between the City of Calgary and the Flames property for the city’s new event center falls apart due to rising costs, questions arise about the future of the city’s Rivers District and ongoing improvements at Stampede. Park.

It was announced Tuesday that the agreement between the city and Calgary Sports and Entertainment Corporation (CSEC) had collapsed due to rising costs in addition to the expanded building price of $ 634 million, higher than the $ 608 million projected in July.

In back-to-back press conferences Wednesday, both Mayor Jyoti Gondek and CSEC President and CEO John Bean disagreed on which organization should be responsible for the costs associated with the infrastructure around the building and mitigation work. of the weather on your roof.

Both were included in a list of more than 70 conditions attached to the approval of the development permit for the project by the city planning commission.

Under the restructured deal for the Flames’ new home, CSEC had agreed to bear all “reasonable” additional costs in exchange for contributing more money than the City of Calgary to finance the building, after it was revealed that the city would not be able to cover your cost. half the price because the project is over budget.

The event center, along with the expansion of the BMO Center and the Stampede Trail project, were to be centerpieces of the Rivers District Master Plan; a 50-year plan to revitalize the eastern edge of downtown between MacLeod Trail, CP Rail Line, Stampede Grounds and Elbow River.

The plan, currently a Calgary Municipal Land Corporation (CMLC) company, features a mix of residential and commercial buildings centered around a new entertainment district.

According to David Low, executive director of the Victoria Park Business Improvement Area, the loss of the event center is a lost opportunity towards the long-term vision of the area.

“I think we lose a big part of the grand prize – becoming the top tier in North America in terms of cultural and entertainment districts,” Low told Global News. “This could have been the anchor for that.”

The event center was also seen as an anchor for Calgary’s construction industry.

The Calgary Building Association (CCA) said it expected the event center project to create 4,500 jobs during construction.

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“You’re talking about thousands of jobs,” said CEC President Bill Black. “There are companies that have been sitting for five years or more with a really tough construction economy, and they need these anchor projects.”

Meanwhile, work continues on BMO Expansion, as well as Stampede Trail, which would connect 17 Avenue SE to Olympic Way SE and is designated to become a venue for local and independent retailers, while also acting as a festival street that can be closed to vehicles. traffic.

The project is being completed alongside the $ 500 million BMO expansion project with a completion date of 2024.

The CMLC said it shares the disappointment over the failure of the arena deal, and will discuss how the loss of the event center will affect the Rivers District’s overall Plan.

“As the next steps are discussed among partners, CMLC will assess the impact on the district’s plan,” CMLC President and CEO Kate Thompson said in a statement to Global News. “Our commitment to the long-term overview remains strong.”

Black appreciates the commitment to the rest of the Rivers District Plan, who described the surrounding structures and renovations as a halo effect for the industry.

“That will not only contribute to employment and employment and business opportunities,” Black said. “But it will also contribute to the way Calgary needs to compete for talent, business and private investment.”

Ultimately, Low said he continues to hope that both parties to the area agreement can find common ground at the event center.

While he believes the Rivers District plan will continue to move forward, Low said the loss of the event center is a setback.

“It’s the cumulative and additive impact of everything we’re doing that will make it great,” Low said. “This will only make it a bit more difficult to realize that vision.”

Calgary Stampede CEO Joel Cowley told Global News in a statement that the news is disappointing, but that he remains excited about the future of the Rivers District Master Plan developments.

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