By Matthew Coller, Venues Today
The Edmonton Oilers have broken ground on a new home.
In early February, the City of Edmonton and owner Daryl Katz announced that their $480-million Guaranteed Maximum Price had been met, allowing construction to begin on a multipurpose, downtown venue. The new arena will replace Rexall Place, where the Oilers raised the Stanley Cup four times.
The GPM protects the City and Katz Group from having to pay for increases in costs over the agreed upon price. The construction manager bears the risk of cost increases in labor and materials throughout the project.