With the beginning of construction in March of 2014 of Rogers Place, Edmonton is enjoying the largest surge in real estate development in its history. The arena, valued at $480 million, had been in development since 2011 but finally received approval for funding as of February 2014. Rogers Place will replace Rexall Place as the home for the Oilers and is expected to open before the beginning of the 2016 – 2017 NHL season.
The arena had trouble getting funding for several years, which delayed development and construction. Funding was finally approved, with roughly half coming from the Community Revitalization Levy, government sources, and the Edmonton Arena Corporation. The rest has come from the arena's projected revenue.
Daryl Katz, owner of the Edmonton Oilers, has stated that one of his goals was to make the downtown core a better place for residents to live. And it looks like the construction of Rogers Place will have the desired effect.
The development and construction of the multi-use arena has had a direct impact on real estate value up to a kilometre and a half away from the 104th Avenue location. According to University of Alberta economist Brad Humphreys, already existing real estate will see an increase in value of hundreds of millions of dollars. And it's anticipated that the arena district will see more than $2 billion in development over the next few years because of the arena.
Part of that development has already begun, with plans to construct several new condominiums and towers. Residential towers are planned along 106 Street while the city will construct a new office tower close to the arena. In addition, the new Stantec tower, which is planned to complete in 2018, will be the tallest tower in Edmonton.
Many other locations are expected to finish within the next couple years, including a hotel and condominium, developed by Delta Hotels. And the new downtown location of the Royal Alberta Museum, currently estimated at $340 million, should be complete later in 2015.
With so much happening for the city, it's expected that more and more people will relocate to the downtown area. And with more residents will come even more transformation, making Edmonton one the best places to live and work.