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STATE OF MICHIGAN AGREES TO PAY TO DEMOLISH JOE LOUIS ARENA

DETROIT — The state of Michigan announced Friday that it would pay to demolish Joe Louis Arena after the Detroit Red Wings move into their planned new $450 million home in 2017 or 2018. Tearing down the stadium is part of an agreement approved last week between the city and the owner of the Red Wings — a complex $650 million deal still going through government approval, according to The Detroit News. The deal is contingent upon other approvals needed by April 1, 2014 from the Detroit City Council, the Red Wings owners and the Detroit Downtown Development Authority (DDA). The plan calls for a $450 million sports and entertainment center and $200 million in new residential, retail and office development in a 45-block area that reaches from Grand Circus Park to Charlotte Street between Woodward Avenue and Grand River Avenue. The DDA would own the arena and Olympia Development would operate and maintain it.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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