The project includes $450 million sports and entertainment centre, and $200 million worth new residential, retail and office development in an approximately 45-block area stretching from Grand Circus Park to Charlotte St. between Woodward Ave. and Grand River Ave.
An 18,000-seat Red Wings arena along Woodard Avenue, just north of the Fox Theatre would be a part of the sports and entertainment centre, and will replace the 1979-built Joe Louis Arena. The new arena is expected to be smaller than the 20,058-seat Joe Louis Arena, which is currently the National Hockey League’s fourth-oldest hockey venue. The new arena will be owned by the DDA and managed by Olympia Development, and is expected to be funded with $285 million of public money.
The complete plan by Olympia Development is expected to be supported by 56% in private money and 44% in public funding. George W. Jackson, Jr., president and CEO of Detroit Economic Growth Corporation, said that the project would incorporate all three major league sports venues into a walkable sports and entertainment district.
Plans for this entertainment district as mentioned by the authorities will include a 140,000 square feet new mixed office and retail development on Woodward at Sproat St.; a 25,000 square feet office and retail development along Woodward; several parking structures with a total of 25,000 square feet of retail; renovation of the Detroit Life Building at 2210 Park Ave. for 3,645 square feet of retail and 35 residential units; renovation of the Blenheim Building at 81 W. Columbia St. for 1,833 square feet of retail and 16 residential units; renovation of the building at 1922 Cass for 70,000 square feet of office space; and a new hotel-retail development with a 20,000 square feet ground floor.
According to the Detroit Economic Growth Corp., the new development is anticipated to create approximately 5,500 jobs for the events centre and approximately 8,300 jobs for the entire residential and commercial mixed-use district.
