Bennett Jones helps close a $550-million deal to build a new Calgary event centre

The new event centre will include an arena which can accommodate up to 19,000 people

Bennett Jones helps close a $550-million deal to build a new Calgary event centre

Bennett Jones LLP has advised Calgary Exhibition and Stampede Ltd.in a deal worth $550 million to build an Event Centre in east Victoria Park, Calgary, Alberta.

According to the announcement on the firm’s official website, Bennett Jones acted on behalf of its long-time client Calgary Stampede when it signed the official agreements with the City of Calgary and the Calgary Sports and Entertainment Corporation.

The Event Centre will replace the old Saddledome, which was built for the 1988 Winter Olympics, and which is currently home to the Calgary Flames hockey team.

The new centre will accommodate up to 19,000 people in its bigger arena and may also include a smaller arena. The centre will be surrounded by a festival street that “will be a year-round, permanent gathering place for Calgarians.” In addition to these features, it will also have commercial and retail areas.

According to the city, the centre will be built as a space for activities such as concerts, assemblies, festivals, and sporting events. The cty and the Calgary Sports and Entertainment Corporation will each contribute $275 million to support this project, which is expected to attract private investors, to help the Calgary capitalize on under-used lands and ultimately “further Calgary’s economic recovery and resilience.”

Calgary has estimated the planned centre’s total projected returns to amount to around $400.3 million.

Related stories

Free newsletter

The Canadian Legal Newswire is a FREE newsletter that keeps you up to date on news and analysis about the Canadian legal scene. A separate InHouse Edition is delivered on a regular basis, providing targeted news and information of interest to in-house counsel.

Please enter your email address below to subscribe.

Recent articles & video

Federal Court of Appeal upholds Hilton’s right to use the Waldorf Astoria trademark in Canada

Métis government launches legal challenge claiming Saskatchewan breached duty to consult

B.C. court considers remedy for breach of contract to make specific person beneficiary of estate

Roundup of law firm resources on COVID-19: Sept. 25 update

It’s complicated: Solutions for planning and administering an estate with foreign connections

Alberta Court of Appeal launches digital case management system

Most Read Articles

Retroactive child support can be ordered even after child is an adult: SCC

Judicial appointments announced in B.C. courts and in Alberta Provincial Court

Why body cameras for police are a bad idea

Pandemic highlights the need to be “agile” when entering contracts