Deal approved for new Red Wings arena - myfoxcarolinas.com

Deal approved for new Red Wings arena

Posted: Updated:
(WJBK) -

A management deal for a planned sports arena and entertainment complex just outside downtown Detroit also says the state will pay for the demolition of aging Joe Louis Arena.

The Detroit Downtown Development Authority approved the deal Friday with Olympia Development.

The state says it will tear down the 32-year-old Joe Louis Arena after the NHL's Red Wings move to the new complex. Olympia Development is owned by the Ilitch family, which also owns the hockey team.

The new facility would seat 18,000 for hockey and other events.

City officials still have to approve expanding the development authority district boundaries.

Fox 2's Robin Murdoch reports the Olympia Development would design and manage the center but the DDA would have all the approval rights.

VIDEO: Click on the video player above to learn more in a live report from Robin

The Michigan Strategic Fund would issue $450 million in bonds to build the events center. The bonds would be repaid over 30 years from public and private money. The city council is set to discuss the issue at its meeting this coming Friday.

-The Associated Press contributed to this report

  • Robin MurdochRobin MurdochMore>>

  • Petition calls for end to water shutoffs

    Petition calls for end to water shutoffs

    Tuesday, September 16 2014 12:44 PM EDT2014-09-16 16:44:41 GMT
    A key decision could come this week impacting the city of Detroit's controversial water shutoff program. But first, demonstrators handed in petitions Tuesday calling for an immediate and permanent stop to the policy.
    A key decision could come this week impacting the city of Detroit's controversial water shutoff program. But first, demonstrators handed in petitions Tuesday calling for an immediate and permanent stop to the policy.
  • Battle over new microbrewery in Royal Oak

    Battle over new microbrewery in Royal Oak

    Tuesday, September 16 2014 9:46 AM EDT2014-09-16 13:46:50 GMT
    A new microbrewery and tasting room is headed to downtown Royal Oak. Beer lovers may be excited but many people living in the area are not.
    A new microbrewery and tasting room is headed to downtown Royal Oak. Beer lovers may be excited but many people living in the area are not.
  • Baby safe after barricaded gunman surrenders in Rochester

    Baby safe after barricaded gunman surrenders in Rochester

    Sunday, September 14 2014 12:18 AM EDT2014-09-14 04:18:43 GMT
    Some tense moments in Rochester Saturday as police tried to talk a barricaded gunman out of a home. We're told he was holding a 10 month old baby hostage. Thankfully, the baby is now safe.
    Some tense moments in Rochester Saturday as police tried to talk a barricaded gunman out of a home. We're told he was holding a 10 month old baby hostage. Thankfully, the baby is now safe.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

WJZY FOX 46
3501 Performance Rd.
Charlotte, NC 28214
Main Number: (704) 398-0046

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices