I wonder if they plan for the new arena to be able to be configured into smaller seating layouts? A lot of newer arenas were built to have multiple concert configurations, so they can put up curtains to block off half the arena and turn it into a smaller theatre or concert bowl set-up.
I know when the new arena in Winnipeg opened, it was one of the most-profitable arenas in North America for non-sports events because it could handle concerts of any size.
It shows 10 different concert configurations from a small theatre setting with the stage at centre ice and only the lower bowl open, up to a full arena in-the-round setup:
https://www.canadalifecentre.ca/seating/
A half-house set up with the upper deck curtained off would probably be a decent venue for those sorts of shows that are too big for the Jubilee or Grey Eagle, but too small for the full NHL arena.