The Calgary Stampede is set to receive nearly $90 million in land deals from the city as part of the agreements to build a new event centre. The dollar figure was revealed in a briefing note to city councillors, with the land exchange agreement largely redacted. The Stampede saw an $89.9 million gain for the land transactions, including a land sale of $23 million and a land swap worth $66.9 million. Calgary Stampede CEO Joel Cowley described it as a paper gain, representing the current fair market value of the lands compared to their book value from the 1990s.
The agreements allowed the city to own the land where Scotia Place is being built, with the exchanged lands estimated to be of equal value. The City of Calgary also gained control of the roads in the area, which were previously under Stampede jurisdiction. Land acquired by the Stampede includes the Saddledome site once it’s demolished, as well as Weadickville. The Stampede is working on a design to develop a hotel on the nearly two-acre Weadickville site, along with the potential for two more hotel developments near the BMO Centre and Cowboys Casino, totaling nearly 1,000 rooms.
The size of Scotia Place is 40% larger due to the land transactions, with the Stampede selling two acres of land on the west side of Stampede Trail to the City of Calgary. As part of the event centre agreements, Calgary Sports and Entertainment Corporation (CSEC) has the option to purchase up to four nearby parcels within two years of moving into the new event centre. CSEC also has the right of first offer to develop the Calgary Transit bus barns in Victoria Park over a 10-year term, with the offer needing to be at fair market value.
Economist Moshe Lander from Concordia University noted that the trend of arenas being part of a broader land play is common in North America. He stated that CSEC stands to benefit from potential revenue sources outside of ticket sales and television rights by looking at the land around the arena for development. CSEC’s deal with the city aligns with this trend, and Lander emphasized that finding new revenue sources is important in a saturated market. As for the Stampede land, $25.4 million was used to pay down debt, and $4.2 million was allocated towards working capital.
The lease for Scotia Place is set to begin in September 2026, with the doors expected to open in the fall of the following year. The agreements between the Calgary Stampede, the City of Calgary, and CSEC have significant implications for the development of the area surrounding the new event centre. The potential for new hotels, commercial developments, and increased economic impact are key outcomes of the land deals and exchanges that have taken place. The involvement of multiple stakeholders in these agreements signals a collaborative effort to enhance the overall viability and attractiveness of the area for future growth and investment.
