On Monday, Edmonton city council approved the Master Agreement between the City of Edmonton and the Oilers Entertainment Group (OEG) to develop a new public event park and also see the demolition of the Coliseum.
Along with the Government of Alberta and the OEG, the city is working to accelerate the development of more housing, new public infrastructure and economic opportunities in the city’s downtown area.
The total cost of all projects is $408.2 million, which will be shared among all three partners and will deliver:
- A new indoor/outdoor Public Event Park in the ICE District
- A 2,500 unit community in the Village at ICE District
- Demolition of the Coliseum and work to advance the early stages of the Exhibition Lands development
“This type of investment in downtown helps answer the call of downtown vibrancy and could have a cascade effect to stimulate further investment,” said Edmonton City Manager Eddie Robar.
The event park, estimated at $250 million, will have low-to-no-cost events for the community.
The preliminary work for the Village at ICE District, estimated at $68.2 million, will expedite the development of 2,500 new housing units and stimulate an estimated $1 billion in private sector investment.
It will also lead to the creation of a new downtown park and enhance public streetscaping, including wider sidewalks and pedestrian crossings.
The Coliseum Demolition and Improvement Project, estimated at $90 million, includes $55 million from the provincial government and $35 million from the City of Edmonton.
The project will fund the demolition of the Coliseum and the construction of public infrastructure in Exhibition Lands.
The City will use revenues from the Capital City Downtown Community Revitalization Levy (CRL) to fund its portion of the Event Park and site servicing for ICE District projects.
It will also leverage land development revenues already earmarked in the capital budget for the Coliseum demolition to fund other important early work in the Exhibition Lands development.
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