Edmonton’s downtown arena project has been given the green light to begin construction in March 2014. 

The City of Edmonton and Katz Group announced that the $480 million guaranteed maximum price for Rogers Place has been met.

"We have everything that we need to make this a success for ourselves and the City of Edmonton," said Edmonton Oiler owner Daryl Katz at a city hall news conference in a rare public appearance.​

"We view this agreement as a win-win — that's what every agreement should be — both parties will benefit," he said.

"Really now, I think it's time to move forward and focus on all the good things we can do for the city." 

Mayor Don Iveson and Oilers owner Daryl Katz stroll into a news conference Tuesday at city hall.

Mayor Don Iveson and Oilers owner Daryl Katz stroll into a news conference Tuesday at city hall. (Lydia Neufeld/CBC News)

In addition to the arena, the cost for four other components of the arena project are also on budget: the community rink, Winter Garden, LRT connection, and pedestrian pedway

The entire price for the arena project is $606.5 million.

The guaranteed maximum price process means that the construction manager bears all risk for cost increases in labour and materials throughout the project, protecting the City and Katz Group from having to pay more if these costs change, the city said in a news release.

The project team has been working on the final design over the past year so that it keeps true to the schematic designs shared in spring 2012, and meets the budget set by city council. 

The 18,641-seat arena is billed as "the most technologically enabled sport facility in all of North America when it opens in the fall of 2016."