HomePublicationsNewsletter ArchiveNewslettersVolume 18Issue 36Olympia Development Announces Detroit Development Plan

On Tuesday, December 4, 2012, Olympia Development of Michigan (“Olympia”), operated by the Ilitch family, announced plans to pursue a partnership with state and local governments for a $650 Million downtown Detroit development project. The project would consist of residential, retail, office, and entertainment space, the hallmark of which would be a multi-purpose events center. The multi-purpose event center would be the new home of the Detroit Red Wings.

Olympia has stated that the project would provide a new city district that would connect existing areas of downtown and would be located behind the Fox Theatre and near MotorCity Casino. A press release from the company notes that the project would strengthen “the link between Detroit’s existing assets through a continuous, walkable environment connecting one district to the next and serving to improve the quality of life for residents and visitors alike.”

Olympia expects the project to create approximately 8,300 total jobs and an overall economic impact of $1.8 Billion from the establishment of the new district. The company has received support in the state legislature, where a house bill contains development incentives for the project. House Bill 5463, which would amend the Downtown Development Authority Act, would allow for tax revenue currently allocated to the School Aid Fund and local governments to be diverted to newly created development authorities for improvements or developments in a downtown district. In addition, the bill would allow for this diverted tax revenue to be utilized as security against bonds issued for the construction of a qualifying project.

A substituted version of the bill was passed in the Senate by a 27-11 vote on December 5, 2012, and has been referred back to the House for final approval from the legislature. If the Senate substitute passes the House, then the  bill will be presented to Governor Snyder for approval.

Olympia Development is the real estate arm of the Ilitch family of companies. Additional companies include the Detroit Red Wings, Olympia Entertainment, MotorCity Casino, the Detroit Tigers, and Little Caesars Pizza.

 

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