The arena building was initially estimated to cost $450 million. The City of Edmonton was to pay $125 million, the Katz Group of Companies was to contribute $100 million, and $125 million was to come from a user-paid facility fee. The remaining money was expected to come from the province or federal agencies. Estimated cost then increased substantially during continued discussions to a current estimated price of $480 million for the arena, and $604.5 million for the entire project. On October 26, 2011, the Edmonton City Council approved a funding framework for the arena by a vote of 10–3. A year later, however, with costs escalating and the Katz Group making increasing demands, the city passed a motion to end negotiations with the Katz Group and to seek out a new deal or find other options but would still be open to communicating with Daryl Katz for future talks. On May 15, 2013, the EdmontonCity Council passed a deal that saw the City of Edmonton, and Oilers owner Daryl Katz each put in more money to offset the $55 million shortfall needed to build the new downtown arena. Katz chipped in an additional $15 million through the Edmonton Arena Corporation and another $15 million came from the Community Revitalization Levy. On December 3, 2013, Rogers Communications announced a 10-year naming rights deal for the new arena, henceforth known as Rogers Place. Rogers Place is one of three Rogers-branded sporting facilities in Canada, alongside Rogers Centre in Toronto and Rogers Arena in Vancouver. The arena was funded by the following sources:
$279 million from the Community Revitalization Levy and other incremental revenues
$125 million from ticket surcharge on all events in the new arena
$137.81 million from lease revenue for the Arena
$23.68 million in cash from Edmonton Arena Corporation
$25 million from other government sources
A new agreement was reached on January 23, 2013 between the two parties on moving forward with the arena. On February 11, 2014, it was announced that the project was completely funded, and would go ahead. Construction of the new arena broke ground in March 2014. construction around Rogers Place in July 2017 The arena triggered a "hospitality explosion" downtown before ground was even broken, as businesses competed for properties around the arena site. In early 2014, there were far fewer options to lease or purchase as competition mounted, including Brad J. Lamb, who announced a $225 million pair of new condo towers. By December, it was estimated that $2.5 billion in downtown development had been directly connected to Rogers Place. On July 13, 2015, it was announced that the arena district would be officially branded as Ice District, spanning from 103rd Avenue to 106th Avenue. Ice District has ranked as the fastest growing arena district in the history of similar projects.
History
Rogers Place officially opened on September 8, 2016. The first ever hockey game played in the arena featured the Edmonton Oil Kings taking on the Red Deer Rebels in a WHL match up on September 24, 2016. Trey Fix-Wolansky scored the first ever goal in the arena at the 0:22 mark of the second period as the Oil Kings would go on to win the game in a shoot out, marking the team's first win in the new building. The Oilers played their first game on October 12, 2016, against their nearby rivals, the Calgary Flames. Prior to the game, there was a pregame ceremony featuring former Oilers Wayne Gretzky and Mark Messier, where a statue of Gretzky was unveiled outside of the arena. Patrick Maroon scored the first NHL goal in the arena, as the Oilers went on to defeat the Flames 7–4; earning their first win in the building. The Oilers' first season in the arena saw them qualify for the playoffs for the first time since 2006, ending an 11-year playoff drought. The first playoff game was played on April 12, 2017, where the Oilers lost in overtime to the San Jose Sharks 3–2. Two days later, the Oilers picked up their first playoff game win at the arena by defeating the Sharks 2–0.
