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ILITCH ORGANIZATION UNVEILS PLANS FOR $650M DETROIT RED WINGS ARENA

DETROIT — Olympia Development of Michigan, a company of Ilitch Holdings Inc., has released plans to transform dozens of underutilized blocks between downtown and midtown Detroit into a sports and entertainment district, including a new arena for the Detroit Red Wings hockey team. The Detroit Free Press reports the development is a $650 million project. In April, the city's Downtown Development Authority (DDA) approved Barton Malow-Hunt-White to serve as the general contractor for the construction of the new 650,000-square-foot multipurpose center. The new events center is a part of the public-private development project that includes a $200 million investment by Olympia Development of Michigan to redevelop an underutilized area in downtown Detroit. The project will connect existing and new development efforts in downtown and midtown Detroit along Woodward Avenue into five walkable, livable mixed-use district neighborhoods. Development in the district will be integrated with existing sports and entertainment venues in or adjacent to the space, including the Fox Theatre, Comerica Park, MotorCity Casino Hotel, Ford Field, the Detroit Opera House, the Fillmore Detroit and more. The new arena is set to open in the summer of 2017. The project is expected to have a total economic impact of at least $1.8 billion, creating 8,300 construction and construction-related jobs and 1,100 permanent jobs in Detroit. A groundbreaking is planned for this fall, and full construction is expected to begin next year.

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