CALGARY, Alberta -- The Calgary Flames have a deal for a new downtown arena, a 35-year agreement that keeps the NHL club in the city for that time.

The team, the city and the Calgary Stampede rodeo signed an agreement Thursday to replace the 36-year-old Scotiabank Saddledome.

The 19,000-seat arena is to cost more than $417 million. Construction is expected to begin in 2021, just north of the Saddledome. The arena will be demolished between 2024 and 2025.

The project is part of a downtown revitalization. The building will become the home of the Flames and part of a planned entertainment district bordering the Stampede grounds.

The Calgary Sports and Entertainment Corp., which owns the Flames, and the city will split the costs. The Stampede is a not-for-profit community group.