An architect's vision of what a revamped Rexall Place would look like on level three. ((Northlands Handout))

A consultant's report released Wednesday concludes that refurbishing Rexall Place could cost as much as $250 million, a price tag the arena's owners hope will launch a debate over whether to build a new NHL arena in Edmonton.

Architectural firm HOK Sport's report concludes the renovation would cost between $225 millionand $250 million and add another 40 years of life to the existing arena.

The plans call for more lobby space, better change rooms, and upgrades to the electrical work. Construction would take three to four years since it couldn't take place while the Oilers are playing.

Andy Huntley, a director with Northlands, the group that owns and operates Rexall Place, said the renovation wouldn't be a Band-Aid solution, but a "gutting and starting over."

Huntley wants Edmonton residents to also consider the option of building a new rink.

"It's a 33-year-old facility and it's time," he said. "It's served a wonderful life here and I just think the city's due for something, being the third-oldest facility in the league today."

Built in 1974, Rexall Place is the oldest Canadian home ice arenain the NHL and third-oldest in the league, behind Mellon Arena in Pittsburgh and the Nassau Veterans Memorial Coliseum, home to the New York Islanders.

In Pittsburgh, failure to reach a deal on a new rink has left the future of the franchise in doubt.