Deal approved for new Red Wings arena - DC News FOX 5 DC WTTG

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>>

  • YOUR PHOTOS: First day of school 2014

    YOUR PHOTOS: First day of school 2014

    Tuesday, September 2 2014 11:08 AM EDT2014-09-02 15:08:59 GMT
    It's back to school day!Many kids are heading back to school today. Is yours? We'd love to see your Back to School photos.
    It's back to school day!Many kids are heading back to school today. Is yours? We'd love to see your Back to School photos.
  • Flood victims get cleanup help from volunteers

    Flood victims get cleanup help from volunteers

    Saturday, August 30 2014 8:30 PM EDT2014-08-31 00:30:55 GMT
    It's been three weeks since historic floods submerged roads and highways and damaged thousands of homes and businesses across Metro Detroit. Saturday, volunteers came together to lend a helping hand.
    It's been three weeks since historic floods submerged roads and highways and damaged thousands of homes and businesses across Metro Detroit. Saturday, volunteers came together to lend a helping hand.
  • All You Need to Know: Fifth Third Bank Michigan State Fair

    All You Need to Know: Fifth Third Bank Michigan State Fair

    Friday, August 29 2014 9:56 AM EDT2014-08-29 13:56:12 GMT
    The Michigan State Fair is kicking off in Novi with carnival rides, circus shows and farm animals. Located off Grand River, the fair opens Friday Aug. 29 to Labor Day Sept. 1 from 10 a.m. to 11 p.m.
    The Michigan State Fair is kicking off in Novi with carnival rides, circus shows and farm animals. Located off Grand River, the fair opens Friday Aug. 29 to Labor Day Sept. 1 from 10 a.m. to 11 p.m.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow
Untitled

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

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