Preliminary Plans for $650M Sports and Entertainment District Unveiled
- Jul 03, 2013
Last week the Detroit Downtown Development Authority (DDA), Olympia Development of Michigan (ODM) and Wayne County reached a multilateral agreement on a $650 million private and public financing framework that would bring a new sports and entertainment district to downtown Detroit.
According to an official statement, the new district—which is yet to be named—will generate around 8,300 jobs and an estimated economic impact of $1.8 billion per year after completion date. The district will be developed in phases over the next four to five years and will occupy a 45-block area reaching from Grand Circus Park to Charlotte Street between Woodward Avenue and Grand River Avenue.
The project’s highlight will be a $450 million multipurpose event center of roughly 650,000 square feet that will include a 18,000-seat state-of-the-art arena to house Detroit Red Wings’ hockey games and other events throughout the year. “We have outlined a deal that will do far more than build new home ice for the Red Wings. When it’s done, it will redefine Detroit’s Downtown,” said George W. Jackson, Jr., president and CEO of Detroit Economic Growth Corporation.
The agreement also includes a $200 million mixed-use component with new residential, retail and office space that will include:
- A 140,000 sq. ft. new mixed office and retail development on Woodward Avenue at Sproat Street
- A 25,000 sq. ft. office and retail development along Woodward Avenue
- Parking structures and related amenities with a total of 25,000 sq. ft. of retail
- Renovation of the Detroit Life Building at 2210 Park Ave. for 3,645 sq. ft. of retail and 35 residential units
- Renovation of the Blenheim Building at 81 W. Columbia St. for 1,833 sq. ft. of retail and 16 residential units
- Renovation of the building at 1922 Cass for 70,000 sq. ft. of office space
- A new hotel-retail development with a 20,000 sq. ft. ground floor
MLive.com reports that the $650 million financing is a mix of $365.5 million in private investment and $284.5 million in public investment.