After several months of dipping its feet in the water, a process facilitated by the city’s third parties, the City of Calgary and the Calgary Sports and Entertainment Corporation have resumed formal negotiations for a new arena. The step forward was announced by a City press release Wednesday morning, coinciding with Wednesday’s event center committee meeting.
“With CSEC and the City now entering into formal discussions, the City’s third party has fulfilled its mandate and its work is complete. Going forward, the city will now be represented by CAA ICON, who are experts in structuring deals for major sports and entertainment venues in North America and Europe. CAA ICON will be supported locally by Altus Group’s Calgary office.
According to their website, CAA ICON is a branch of the CAA Sports wing of the mega-agency CAA. CAA ICON provides consulting services, focused on negotiation and project management, for major sports facility projects. Past clients include Oak View Group (Climage Pledge Arena, Seattle), Oilers Entertainment Group (Rogers Place, Edmonton), Las Vegas Raiders (Allegiant Stadium, Las Vegas), Golden State Warriors (Chase Center, San Francisco) and the Milwaukee Bucks (Forum Fiserv, Milwaukee). The Altus Group is primarily known for providing real estate consultancy services.
The previous deal, which saw the City contribute $287.5 million in direct construction costs (plus some expenses related to transportation upgrades and Saddledome demolition) and CSEC on the hook for the rest of the construction costs. construction, collapsed at the end of 2021 amid concerns of rising costs as the CSEC opted not to proceed. (At the time, estimated construction costs were around $650 million, and a final construction budget for the facility was still months away from completion.) The city quickly created the Center Committee of events, aiming to develop a game plan for the construction of an event center. .
We’ll know more about this story as it develops.