HomePublicationsNewsletter ArchiveNewslettersVolume 20Issue 4Detroit City Council Approves Land Transfer Agreement to Develop New Entertainment District

On February 4, 2014, the Detroit City Council approved a land transfer agreement to further development efforts of a new $650-million entertainment district in Detroit. The project is led by Olympia Entertainment, Inc. (“Olympia”) and includes a new hockey arena for the Detroit Red Wings.

The agreement, approved on Tuesday, authorizes the city to sell 39 parcels of land along an approximately 45-block area for $1 to the Detroit Downtown Development Authority, which will own the arena and lease it to the Ilitch family’s Olympia Development of Michigan.

The $450-million multipurpose arena is planned to be an approximately 650,000 sq. ft. facility with 18,000 seats that can accommodate Red Wings hockey games, as well as other sports and entertainment events year-round.

The entertainment district site is just north of Interstate-75 and east of the Lodge Freeway. This location is within close proximity to MGM Grand Detroit Casino and MotorCity Casino.

“This will be the epicenter of sports and entertainment in Michigan and it’s a difference maker," stated Mr. Tom Wilson, president and CEO of Olympia Entertainment, Inc. “We have a once in a generation opportunity here to make downtown Detroit a magnet for jobs and people and businesses to be around us," he said.

The new development is anticipated to create approximately 5,500 jobs for the events center alone and approximately 8,300 jobs for the entire residential and commercial mixed-use district. 

 

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