News that Calgary would likely be getting a brand new NHL arena has been circulating for a while now, but a definitive agreement has officially been signed by the city of Calgary, the Calgary Flames and the Calgary Stampede. 

City Councillor Jeff Davidson tweeted about the agreement this morning, confirming that Calgary will soon be home to a new Event Centre and Culture and Entertainment District. 

BREAKING: I am pleased to announce that definitive agreements are signed between the @CityofCalgary, the @NHLFlames and the @CalgaryStampede for Calgary’s new #EventCentre and Culture and Entertainment District. Onward to the next chapter of our City’s story! #yyc #yyccc

— Jeff Davison (@JeffDavisonYYC) December 5, 2019

The new project will cost taxpayers $290 million, which, according to CBC, has deeply divided the community. 

The proposal for the project was originally announced back in July, and Calgarians were given a mere week-long period to provide feedback on the idea. More than 5,200 residents submitted their responses. 

But despite controversy and disagreements, the project is officially going ahead. 

The new Event Centre will be home to the Calgary Flames, replacing the Scotiabank Saddledome where the team currently plays. 

The arena will have up to 19,000 seats and may also include a second smaller arena.

Artist rendering of the outside of the Calgary Event Centre from the street. Image via Rossetti.

But the new development isn't just about hockey.

"The Event Centre and surrounding festival street will be a year-round, permanent gathering place for all Calgarians to enjoy affordable programming and activities like concerts, assemblies, festivals and amateur and professional sporting events," according to the city of Calgary's website. 

Their website also states that the new area will be "a cornerstone" in the city’s Culture and Entertainment District, providing a significant opportunity for private sector investment into the district and the development of under-used lands. 

The City of Calgary and Calgary Sports and Entertainment Corporation (CSEC) will each invest up to $275 million to construct the new centre, but they estimate that total projected returns to the city will amount to about $400.3 million. 

The location of the new centre is just north of Stampede Park on a two-block site bounded by 12 Avenue SE, 5 Street SE, 14 Avenue SE, and Olympic Way SE — a site that is currently owned by the Stampede and used for parking and roadway. 

Artist rendering from above of the new arena. Image via Rossetti.

"It's a key pillar for putting Calgary back on a path for future growth and prosperity and will provide significant direct and indirect benefits to Calgarians," according to the city. 

"Community and social benefits include increased civic pride, community excitement, sense of belonging and visibility as a world-class city."

Construction on the new project is set to begin in 2021 and will take approximately three years to complete.