Detroit Pistons Ownership, Schostak Brothers Form Joint Venture to Redevelop Palace of Auburn Hills
AUBURN HILLS, MICH. — Detroit Pistons owner Tom Gores and Schostak Brothers & Co. have formed a joint venture to redevelop the Palace of Auburn Hills and its surrounding land. Schostak will serve as the lead partner and manage the future mixed-use development, which is expected to include research & development companies, technology firms, as well as corporate offices. Neither financial terms nor a timeline was disclosed. The Pistons organization is preparing to move its remaining team and business operations from The Palace to the new Henry Ford Detroit Pistons Performance Center, which is scheduled to be complete this fall. The Pistons played at The Palace from 1988 until they began playing at Little Caesars Arena in downtown Detroit in 2017.