Saskatoon’s City Council has deferred a decision on a proposed private partner Agreement Framework with OVG360 (OVG) which would have begun to create a third-party operating management structure for the Downtown District Event Centre and Convention Centre – a more than $1 billion project in the heart of the Saskatchewan city, adjacent to Midtown Plaza.
Council voted unanimously to defer a discussion on the proposed framework until the first quarter of 2026 to further process the information, consider negotiated points and have an opportunity to discuss with impacted organizations.
The proposed agreement framework presented to Council set out $15 million from the Oak View Group in up-front capital plus a projected $235 million in forecasted operating revenue sharing over the full potential 30-year term, in contrast with the previous agreement which estimated a projected $170 million (combined capital and operating revenue) over 25 years.
The proposed agreement would reduce financial risk for the City: if there are Event Centre losses, those would be absorbed by OVG.
The ambitious project, described by many as transformational for the city’s downtown and beyond, would include an arena/event centre with a capacity of about 16,000 people, a convention centre, a parkade, a theatre and public spaces.
“We welcome and support the Downtown District renewal project and its vision to activate public space, increase pedestrian traffic, and strengthen downtown retail. This initiative will create meaningful benefits for our tenants and customers, and we look forward to collaborating where possible with the project team and the community,” said Tara Faris, General Manager, Midtown.
Melissa Newton, Client Advisor, The Commercial Group, said the project would be so positive for downtown, because people can look to invest long term, whether that be owning real estate, because there’s great opportunities for that in the downtown core right now, or creating new retail around the proposed area.”
“I think Midtown has done a great job at attracting new tenants. There’s a lot of great shopping in there. I think it looks great. So for what Saskatoon can offer, there’s for sure, potential. I’m not going to say downtown is rosy, but could it grow to be fantastic? Yeah, it could.”
In Saskatoon, the vision for a Downtown Event & Entertainment District is anchored around a new event centre/arena and convention centre made accessible to everyone through the future Bus Rapid Transit (BRT) system. The area will be developed sustainably and with a focus on Indigenous placemaking. By offering residents and visitors a gathering place for entertainment and events, with a variety of restaurants, venues, shopping and nightlife, Saskatoon’s Downtown will become an economic driver for the city and the province. Downtown BRT stations will encourage redevelopment of adjacent areas, supporting a variety of businesses and housing opportunities, says the City of Saskatoon.
Christina Stus, Sales Associate, Colliers, said: “What I’ve heard from a lot of people, and I agree with, is that it would add vibrancy and give some life to downtown, which would help people feel safer in numbers.”
“It would help with having people hanging out downtown to go to a show, they go out to eat downtown, they go look at some shops, they go through Midtown. It naturally draws people downtown because there’s more to do,” she said.
“Whether it’s a hockey game, a Rattlers game, or a concert, people who might not normally go downtown would come for those events. Some folks only go downtown for appointments or specific reasons, but they’ll go to the arena for an event. If you bring that downtown, it’ll naturally bring people through those businesses they might otherwise not visit.”
“Saskatoon’s new downtown arena proposal and entertainment district would be a win-win situation. Live events would positively contribute to Saskatoon’s tourism and overall economy, allowing the city to compete with Edmonton, Calgary, and Winnipeg as a destination for major events. Ultimately, Saskatoon would be positioned as a desired city to live in and relocate to, adding even more quality individuals to the workforce,” said Linely Schaefer, Managing Director, Avison Young in Regina.
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