After forty years, Edmonton is getting a new arena to replace the aging Rexall Place; it almost seems a shame to leave the Northlands rink and the memories that were created there behind. The wins and losses of sporting events – including five Stanley Cups – the rodeos, the musical concerts, and the many other events that have entertained us over those four decades have ingratiated the grey, concrete coliseum into the hearts of Edmontonians. The change, however, is for the better.
This new arena will do more than provide a modern sporting area with an increased seating capacity. It will also invigorate the surrounding areas of the city with its presence, and by the amount of people that it will draw to the downtown area with each event.
Edmonton realestate value is expected to increase in the areas surrounding the arena. The Quarters region is already beginning to see a redevelopment boom, and the areas lining 107th Avenue are expected to do so as well.
Surrounding restaurants and bars are also expected to see increasing levels of patrons that come for an event and stay afterward. The already thriving nightlife of Jasper Avenue will become only more vibrant.
The economic potential wouldn't be contained within the area directly surrounding the new arena, but would radiate towards the outskirts of the city with the quickly expanding Light Rail Transit system, bumping up land values around LRT stations and providing yet another reason to take the train.