The Edmonton Oilers announced Tuesday that the city's downtown arena project has been given the green light to begin construction in March and is expected to be completed by the fall of 2016.
The city of Edmonton and Katz Group met the $480 million Guaranteed Maximum Price for the project, the centerpiece of which will be Rogers Place, an 18,641-seat arena that will become the home of the Oilers.
"This is an exciting day for Edmonton as we move ahead with a project that will help realize our vision of a more vibrant downtown and ensures that the Edmonton Oilers remain a vital part of our city for years to come," Edmonton Mayor Don Iveson said. "The look of Rogers Place is bold and forward-looking, just like Edmonton. As part of our downtown vision, it will serve as a symbol of our city's great future."
The Oilers have played in what is known as Rexall Place going back to their days in the World Hockey Association.
"For the Katz Group and the Edmonton Oilers, we have always believed Edmonton's need for a new arena was a huge opportunity to help transform our downtown into the vibrant, diverse and dynamic community that is the hallmark of every great city," said Daryl Katz, owner of the Edmonton Oilers. "We couldn't be more excited to see that vision becoming a reality and I want to thank Mayor Iveson, City Council, former Mayor Stephen Mandel, and the entire team at the City and everyone else who has labored over this project for years for their tenacity and faith in this project."