The closed-door arena deal negotiations had no effect on Calgary's housing & office markets weakening lol.
I don't see it being 1/5th of the cost either, but it's definitely closer to 1/2, which is much better than 4/5th's. Like you said, Edmonton's got a good arena district going - are you thinking Calgary won't get the same? If a $290M arena investment creates a $2B arena district, is it not worth while? Victoria Park needs to be revitalized regardless - arena or not. We also need an arena. Not to appease billionaires, but simply because the Dome will only last us so much longer. Could it be upgraded? Yes, but upgrades can only do so much to fix something that is inherently flawed.
Either the city spends millions revitalizing VP themselves & fix the arena when shit hits the fan, or they spend millions to build a new arena now, keep the Flames around for 35+ more years, and hopefully spawn a multibillion dollar privately-funded arena district around it all. Not a hard choice.