The city of Calgary and the Calgary Sports and Entertainment Corporation (CSEC) agreed last year to split the cost of the $550-million project, which is scheduled for completion in May 2024.
The building will be located on the eastern side of downtown Calgary, just north of the Scotiabank Saddledome, where the Flames have played since 1983. The Saddledome will be demolished once the team moves into the new event center.
The venue will feature an arena with up to 19,000 seats and will also become home to the Western Hockey League's Calgary Hitmen and National Lacrosse League's Calgary Roughnecks, both of which are owned by CSEC.
U.S. architectural and engineering firm HOK is helping design the new building in partnership with Calgary company Dialog. HOK was the lead designer of Edmonton's Rogers Place, Detroit's Little Caesars Arena, and Atlanta's Mercedes-Benz Stadium.
Along with the expansion of a convention center on the Calgary Stampede grounds, the new venue will be part of one phase of a revitalization plan for the area.