The City of Surrey announced an agreement in principle for the development of the City Centre Arena and Cultural Event Centre, with the Vancouver Giants as the anchor tenant.

“When we say big things are happening in Surrey, we mean it, and a new arena of this scale is as big as it gets,” said Mayor Brenda Locke. “Bringing this arena to Surrey means jobs, investment, conference capacity, and major sports, arts and entertainment like never before. We’re already the economic powerhouse of the region, and this is another step in Surrey’s rise as a world-class city.”

Once complete, the 10,000-seat arena will become the new home for major sports, concerts and cultural events in Surrey, with the Giants relocating to the new venue. The project is anticipated to generate $2.4 billion in economic benefits for the city over the next 10 years.

“We are thrilled to be part of this amazing venue that will change the face of Surrey like never before,” said Ron Toigo, majority owner and president of the Vancouver Giants. “Exciting times for Surrey and it’s great to be a part of it.”

The project will also include a luxury hotel, conference space and housing, helping create a new sports and entertainment district that will attract investment, support economic growth and expand Surrey’s capacity to host major events.

The City Centre Arena and Cultural Event Centre will be built on land to be acquired by the city, directly across from City Hall and Surrey Central SkyTrain Station.

The City Centre Arena and Cultural Event Centre is anticipated to be completed by 2030, with an estimated cost of $360 million.