City of Calgary, Flames restart talks for new arena

Arena talks in Calgary are back on.

The city and Calgary Flames owners confirmed Wednesday negotiations will begin again for a new sports, arts and entertainment building.

Their previous deal agreed upon in 2019 collapsed late last year when the estimated cost of the project rose and the Flames withdrew.

Shovels were scheduled to hit the ground this year for a 19,000-seat hockey arena and concert venue to replace the Saddledome, which has been the home of the Flames for 39 years.

The initial estimate of a new arena was $550 million split between the two parties, but that figure increased to $634 million. The Flames withdrew because of increased financial risk.

"The event centre has dominated a lot of the city's conversations for several years and there's a lot of anticipation now that we can announce that Calgary Sports and Entertainment has re-entered into these formal discussion with the city," Coun. Courtney Walcott said Wednesday in an events committee meeting.

"This opportunity, it's immense."

The Saddledome is the second-oldest NHL arena behind New York's Madison Square Garden.

City council voted in January to recruit a third party to get the project back on track.

Commercial real estate moguls John Fisher, Guy Huntingford and Phil Swift were tasked with determining whether the Flames still wanted to partner on an arena, or if the city should look for other potential partners.

Their work has concluded.

"We appreciate the efforts of Guy, John and Phil," Calgary Sports and Entertainment Corporation president and CEO John Bean said in a statement released by the city.

"All parties share a collective desire to see a new event centre constructed in Calgary. We look forward to discussions with the city to see if we can