"Entertainment/retail districts" built around big stadiums tend to be dead when there aren't any events going on in the stadium.
See for example
the Westgate City Center in Glendale, Arizona, built around the arena for the Coyotes and football stadium for the Cardinals. It's an enormous white elephant that, outside of Cardinals home games, is almost totally dead.
Granted it's in the middle of nowhere in suburban Phoenix and would be akin to building the Saddledome and McMahon's replacements in Langdon, which is
probably not going to happen here... Still, it
sounds like a great idea to surround a stadium with retail and 'entertainment' businesses but in practice it hasn't panned out in many cities.
Frankly I think the best location for a new hockey arena would be right about where the Big Four building is right now. It solves pretty much everything that is wrong with the Saddledome's location: the 500 m march (mostly outside!) from Victoria Park station. It would be fantastic if the C-train station could be better integrated with the building, and if 17th Ave SE punches through Macleod Trail and onto the Stampede grounds.
Building the new arena somewhere in the vicinity of 10-12th Ave SE somewhere along 4th St isn't any better than what we have now; in fact it exacerbates the crappy C-train access. The NE "Firepark" location up by Max Bell Arena is awful by comparison.
The Firepark site is also no better than the site McMahon currently sits on. In fact if I were to build a new football stadium I'd probably put it right where McMahon is now. There's going to be a football stadium there for the Dinos anyway, no matter whether the Stampeders play there or not. Might as well make it suitable for the Stampeders too.
It would have been better if the C-train station was built on the west side of Crowchild, nearer the stadium (and University station built in the middle of the U of C campus instead of the middle of Crowchild), but the ship sailed on that in the late 1970s...