Red Wings, Detroit announce plans for new $650M arena
The Red Wings and Detroit officials have announced a plan to build a $650 million downtown arena, according to the Associated Press.
City economic development officials approved a plan including $283 million in public funds and $367 million in private investment for an 18,000-seat arena and adjacent residential and retail space.
The new arena, planned for the intersection of Interstate 75 and Woodward Avenue, just north of the Fox Theatre and near Comerica Park and Ford Field, will replace the 32-year-old Joe Louis Arena.
Red Wings owner Mike Ilitch championed the new arena as part of an expanded events district in December.
From CBS Detroit:
“It’s always been my dream to once again see a vibrant downtown Detroit,” said Mike Ilitch, chairman, Ilitch Holdings, Inc., in a press release. “From the time we bought the Fox Theatre, I could envision a downtown where the streets were bustling and people were energized. It’s been a slow process at times, but we’re getting there now and a lot of great people are coming together to make it happen. It’s going to happen and I want to keep us moving toward that vision.”